Binance Exchange Goes Live in Thailand

Binance's brand new Thailand exchange has swung open its doors, potentially disrupting the reign of the kingdom's crypto leader Bitkub with the firm's significant global clout.

Key Insights

  • Binance launches new Thai crypto exchange, opening to general public
  • Move challenges major player Bitkub, which has 77% market share currently
  • Binance received license just 2 months ago, started invitation-only in November

BANGKOK – Global cryptocurrency exchange Binance on Monday opened its new Thai digital asset exchange to the general public, heating up competition in a market dominated by Bangkok-based Bitkub.

Binance TH received approval just two months ago from the Securities and Exchange Commission (SEC) to launch its spot trading platform. It started off invitation-only in November with plans to fully open in 2024.

The exchange is run by a joint venture between Binance’s Capital Management arm and a unit of Thai energy firm Gulf Energy. It lets users trade Thai baht pairs and fiat deposits/withdrawals via local bank transfers.

We have been working very closely with regulators…and substantial planning has gone into this, Gulf Binance CEO Nirun Fuwattananukul told MarketsXplora in an interview.

Bitkub dominance under threat

The move turns up the pressure on market leader Bitkub, which commands around 77% of trading volume — about $30 million daily — according to crypto data firm HashKey.

Smaller players include Upbit, Bitazza and Zipmex, although Zipmex halted trading last year after scrutiny.

Crypto trading remains popular among Thais despite a ban in 2022 on using digital coins for payments. But foreigners residing in Thailand cannot open a Binance TH account currently.

While starting off only spot trading, Binance has “ambitious long-term plans” to seek approvals for other services in Thailand, an exchange spokesperson said.

Binance CEO Richard Teng said the exchange aimed to promote the digital economy’s growth and “foster new opportunities.”

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