World’s largest exchange by trading volume, Binance is set to open its branch in Thailand eight months after receiving green light to commence operations in the country. According to a statement on its official blog page, the Thailand organ of the exchange will operate under the nomenclature of Binance Th.
As revealed, the launching of the exchange became a reality after Gulf Binance secured approval from Thailand’s Ministry of Finance. Gulf Binance is a joint venture belonging to a subsidiary of the exchange and Gulf Innova. Recall that in May 2023, Binance revealed plans to establish its business presence in Thailand.
Thereafter, the exchange got approval as a digital asset exchange and brokerage operator. With the approval, Binance TH will offer users in the country digital asset exchange and brokerage services. Also, the cryptocurrency exchange will provide them with efficient pathways to seamlessly buy and sell digital assets with local currency pairing.
Now, the crypto market in Thailand is set to witness a shake-up after the launching of the new exchange. Before the launching of Binance TH, the crypto market in Thailand was heavily dominated by Bangkok-based Bitkub. Bitkub commands the larger share of the Thailand crypto market by 77% with a daily trading volume of $30 million.
According to market data, Thai baht and Tether USDT are the most-traded pair on Bitkub Thailand. Other crypto exchanges operating in the country are Upbit and Bitazza. Binance TH will now join the list following its successful launch.
Reactions to the Launching of Binance TH
Meanwhile, the CEO of Gulf Binance Nirun Fuwattananukul provided insights into the journey behind the launching of the exchange in Thailand. According to the CEO, the company has been working with local regulators since “the past year.” He described how the team focused on putting substantial effort into detailed planning.
Further, Fuwattananukul added that the effort of the team paid off as Binance TH will offer access to testnet technology. Likewise, the CEO emphasized that the exchange will focus on “ensuring a reliable and intuitive platform for our Thai users.”
Similarly, the CEO of Binance, Richard Teng said the launching of the new exchange will provide a new frontier for Thailand’s economy. In his words, Richard Teng stressed that the newly launched exchange will “uphold our unwavering commitment to security, transparency, and service quality.”
Consequently, the CEO vowed that Binance TH will work on becoming part of the community that digitizes the economy of Thailand. Lastly, he added that the presence of the exchange in Thailand will set the stage for the country to become a key player in the global digital finance landscape.”