Binance launches platform for Thai users
Binance launches platform for Thai users
Cryptocurrency exchange Binance has opened a division in Thailand after receiving approval from the local Securities and Exchange Commission (SEC).
Thailand's cryptocurrency market was previously led by the Bitkub exchange, which controls 77% of the market and has a trading volume of $30 million per day. In addition, the Upbit exchange has been operating in the country since 2021. Other representatives of the industry, Bitazza and Zipmex, closed in November after increased regulatory pressure.
On January 16, the Binance TH exchange officially announced that it was open to all users. The platform has set up an order book for Thai baht trading pairs, Cointelegraph reported.
It is also reported that deposits and withdrawals by users will be made in local currency through local banking systems.
Binance stressed that only spot trading services are offered at the moment, with no additional options. However, Binance TH is working closely with the regulator to obtain approvals for other services, with ambitious, far-looking plans.
In May 2023, Binance announced plans to expand into the Thai market and received a digital asset exchange operator license from the Thai Ministry of Finance. Late last year, Binance received approval from the local Securities and Exchange Commission (SEC) to begin operations and announced plans to open to users in 2024.
The exchange is officially owned by Gulf Binance, a joint venture between Binance Capital Management and Gulf Innova, a subsidiary of Thai energy giant Gulf Energy.
Gulf Binance CEO Nirun Fuwattananukul said: "We have worked closely with Thai regulators and put our best efforts into detailed planning of our activities."
Richard Teng, CEO of Binance, commented that the crypto exchange aims to be part of the digital services community in Thailand, strengthening the economy and contributing to its growth.
Thailand previously banned the use of digital assets for payments, but crypto trading remains popular. In September, the new government announced plans to tax crypto traders' overseas income starting in January 2024.
It's worth noting that Binance TH remains inaccessible to foreigners living in Thailand, as it requires a National Digital Identifier (NDID) for KYC procedures.
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