Cryptocurrency giant Binance has initiated operations in Thailand, introducing its first Southeast Asian exchange, Binance.th, initially accessible by invitation only. Set to open to the general public in early 2024, the venture is a partnership with Gulf Energy Development. Gulf Energy Development’s notification to the Stock Exchange of Thailand confirmed regulatory approval from the Securities and Exchange Commission.
The Gulf Binance platform will offer cryptocurrency and digital token exchange and brokerage services. Despite a 79% decline in trading volume on Thai digital asset exchanges in the previous year, Binance aims to make a substantial impact in the market. Bitkub currently dominates with a 75.4% market share, reaching $28.6 billion in trading volume, as per CoinGecko.
Gulf Energy CFO Yupapin Wangviwat expressed confidence that Gulf Binance, with its globally standardized platform, would enhance service levels and contribute to Thailand’s blockchain ecosystem.
Simultaneously, Binance faces challenges related to crypto scams in Thailand, prompting collaboration with local law enforcement. The exchange played a pivotal role in operations targeting criminal activities, resulting in the seizure of assets exceeding $277 million.
As OKX prepares for a UAE launch and Binance expands into Thailand, these strategic moves signal a crucial phase in the development of the Asian crypto sector.
