Binance TH Launches in Thailand
Binance, the world’s leading crypto exchange, has announced the launch of its Thailand wing, Binance TH. The exchange aims to facilitate the buying and selling of digital assets with local currency pairings. Binance TH is licensed by Thailand’s Ministry of Finance and regulated by the Thailand SEC.
Gulf Binance, a collaboration between Binance and Gulf Innova from Thailand, received operational approval from Thailand’s Finance Ministry in May 2023. It also obtained approval from the Thailand SEC to offer comprehensive digital asset exchange services.
Expanding Crypto Presence in Southeast Asia
Binance TH joins established firms like Coinbase, Bitazza, and Gemini in Southeast Asia’s growing crypto landscape. This influx highlights the region’s increasing importance as a hub for digital asset trading and innovation.
Competition in the Thai Market
Bitkub, based in Bangkok, currently dominates the Thai market with a 77% market share. Other exchanges such as Upbit, Bitazza, and Zipmex have also made their presence known. However, Zipmex ceased trading operations in November 2023 due to regulatory pressure.
Hot Take: Binance TH Expands Reach into Southeast Asia
Binance’s launch of Binance TH in Thailand marks another significant step towards expanding its presence in Southeast Asia’s crypto market. With a focus on facilitating local currency pairings for buying and selling digital assets, Binance TH aims to compete with dominant players like Bitkub. As the region continues to grow as a hub for cryptocurrency trading and innovation, Binance TH’s entry further strengthens its position as a leading global crypto exchange.
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