The public launch of Binance Thailand to compete with the existing Bitcube
Global cryptocurrency exchange Binance has opened to the public in Thailand, potentially shaking up the domestic crypto exchange market dominated by Bangkok-based Bitcube.
In a statement on January 16, Binance TH announced that the exchange will now be open to “all eligible users” and has implemented a dedicated order book for Thai baht trading pairs. Users can deposit and withdraw local currency “through intuitive integration with local banking systems”.
Speaking to Cointelegraph, a Binance spokesperson said that there are currently no additional services outside of spot trading, but that Binance has big long-term plans for TH and is working closely with regulators to obtain approval for other services.
It comes two months after Binance received approval from the local Securities and Exchange Commission (SEC) to begin operations, and two months after it initially launched on an “invitation-only” basis with “plans to open to the general public in 2024.”
Binance first announced its plans for a Thai crypto exchange in May 2023 and received a license as a digital asset exchange and brokerage operator from Thailand's Ministry of Finance in the same month.
The exchange is operated by Gulf Binance – a partnership between Binance Capital Management, a subsidiary of Binance, and Gulf Innova, an affiliate of Thai giant Gulf Energy.
However, Binance is entering a market dominated by one major player, Bangkok-based Bitcube, which commands a 77 percent market share, according to HashKey. Bitcube has a daily volume of around $30 million and the most traded pair on the platform is the Thai Baht and Tether (USDT).
Other exchanges with a Thai presence are Upbit – which launched locally in 2021 – along with Bitazza and Zipmex. The latter, however, ceased trading in November following regulatory pressure.
“Over the past year, we have been working closely with Thai regulators to put a lot of effort into detailed planning,” said Gulf Binns CEO Nirun Fuatananukul.
Binance CEO Richard Teng added, “It aims to be part of a community that will digitize Thailand's economy, facilitate growth and foster new opportunities.”
Related: Thailand to start taxing overseas earnings, including from crypto, next year
Crypto trading continues to be popular in Thailand, but the use of digital assets for payment was banned in March 2022 by the military-backed government.
In September, the newly appointed government announced plans to freeze offshore earnings from stock and crypto traders from January 2024.
On January 15, Binance released its theme for 2024 report with the Bitcoin ecosystem, proprietary economy applications, artificial intelligence, real-world assets, on-chain liquidity and institutional adoption as key growth areas.
Asia Express: Hong Kong Bitcoin ETF FOMO, Thailand Approves $14B Airdrop
