On Tuesday, Binance, the world’s leading crypto exchange, announced the inauguration of its Thailand wing. The newly established exchange, Binance TH is established by Gulf Binance, which is a collaborative effort between Binance and Gulf Innova from Thailand. It will functioning both as an exchange and brokerage platform.

Binance TH Makes Grand Debut In Thailand

Binance TH aims at facilitating the seamless buying and selling of digital assets, featuring local currency pairings, as outlined in their official statement. In a recent post on X, Binance wrote, “Binance TH by Gulf Binance, licensed by Thailand’s Ministry of Finance and regulated by Thailand SEC, is now accessible to all eligible users.”

Earlier, Gulf Binance attained operational approval from Thailand’s Finance Ministry in May 2023. Subsequently, it received the Thailand Securities and Exchange Commission’s (SEC) green light to offer comprehensive digital asset exchange services in the region. The launch of Binance TH adds another noteworthy chapter to Southeast Asia’s dynamic crypto landscape.

Joining the listicle of established firms like Coinbase, Bitazza, and Gemini, the exchange contributes to the expanding presence of cryptocurrency platforms in the region. This influx underscores the growing importance of Southeast Asia as a hub for digital asset trading and innovation.

Also Read: Binance Research Foresees Major Crypto Trends for 2024

Binance TH’s Biggest Competition

Binance is expected to face cut-throat competition in a market dominated by the Bangkok-based Bitkub. HashKey reported that Bitkub currently holds an impressive 77% market share. Earlier, Bitkub secured its exchange license from the Thai Ministry of Finance in early 2019.

Moreover, it obtained preliminary approval from Thailand SEC in 2018, further solidifying its legal standing. While Bitkub stands as the major player, other exchanges have made their presence known in the Thai crypto landscape.

Upbit entered the scene in 2021, contributing to the diversity of options for local traders. Additionally, Bitazza and Zipmex had also established their foothold in the market. Nonetheless, Zipmex faced regulatory pressure and ceased trading operations in November 2023.

Also Read: Mudrex Enables Free Transfers from Binance Amid Stricter Regulations

The post Breaking: Binance TH Commences Crypto Exchange Operations In Thailand appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am