Global largest crypto exchange, Binance, issued a statement confirming the unveiling of Thailand operations eight months after announcing its expansion into the Asian country. The announcement indicates that Binance Thailand is open to the general public in a move set to shake up the local crypto market currently dominated by the Bangkok-headquartered Bitkub.
The Tuesday statement welcomed all eligible users to consider the Binance TH platform. The statement added that Binance TH implemented the dedicated order book targeting Thai baht trading pairs.
Binance TH Harbors Ambitions to Expand Operations
The statement indicated that eligible users can currently execute deposit and withdrawal transactions locally. Nonetheless, the users must integrate the domestic banking systems intuitively.
The Binance spokesperson replied to the inquiries on the nature of operations by clarifying that users will not realize additional services besides spot trading. However, the executive admitted that Binance TH will pursue its ambitious long-term plans to expand the scope of operations.
The firm indicated working closely in consultation with the Thailand regulators in its bid to secure approvals to offer more services.
The announcement comes two months after Binance revealed that the Thailand Securities and Exchange Commission (SEC) had approved it to commence operations.
Binance earlier indicated in May last year plans to expand into Thailand’s crypto market. It added that it would unveil an invitation-only basis before opening the services to the general Thai in early 2024.
Binance confirmed its Thai ambitions in May 2023 and, in a subsequent statement, hailed the receipt of a license from the Ministry of Finance to operate digital asset exchange and brokerage operations.
Binance TH Eyes Bitkub Market Share
Binance TH will run under the stewardship of Gulf Binance – a joint venture of Binance Capital Management and Gulf Innova. The former is a Binance subsidiary entering a joint venture agreement with the Thai Gulf Energy subsidiary.
Binance throws its hat into the Thai crypto market, which a single player already dominates. The Bangkok-headquartered Bitkub has a 77% market share, as per HaskKey data. The Bitkub platform realises a daily volume of $30 million, with Thai baht-tether (USDT) as the dominant pair.
Thailand’s crypto space has attracted other exchanges, though they cannot break Bitkub’s dominance. Upbit has maintained an active presence since unveiling local operations in 2021. It jints Bitazza and Zipmex. The latter announced suspending trading in November, alleging regulator pressure.
Gulf Binance chief executive Nirun Fuwattananukul admitted overseeing close engagement with the Thai regulators. The engagement featured substantial effort towards detailed planning before the unveiling of Binance TH operations.
Binance chief executive Richard Teng reiterated the firm’s mission to participate actively within the community, digitizing Thailand. In doing so, mandates are necessary to facilitate growth and pursue new opportunities.
Binance Caveat in Thailand Operations
The new operations feature a caveat since Binance TH is nonavailable to foreigners despite their residency within the Kingdom. The newly approved platform mandates users to utilize their Thai National Digital ID when completing the Know Your Customer (KYC) procedures.
Binance unveiling operations in Thailand is critical given the popularity of crypto trading in the country. A review of Thailand crypto shows digital assets usage in executing payments since March 2022.
The popularity of crypto saw the Thailand government declare in September 2023 that it would tax foreign income realized from stock and crypto traders in January this year.
Binance said it would confirm Thailand’s crypto operations on Monday, January 15, when the Teng-led crypto exchange announced that it would pursue the Bitcoin ecosystem, economy applications, and real-world assets.
Binance indicated it would prioritize on-chain liquidity, integrating artificial intelligence (AI) and institutional adoption as the primary growth areas.
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