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- The newly established exchange, Gulf Binance, is a collaboration between Binance and Gulf Innova from Thailand.
- Binance TH aims to facilitate the smooth buying and selling of digital assets, including local currency pairs.
- Binance is expected to face sharp competition in the market dominated by Bangkok-based Bitkub.
The Thailand exchange launched through the collaboration of Binance and Gulf Innova, began its operations today, providing services to eligible users.
Binance Launches Exchange in Thailand
On Tuesday, Binance, the leading global cryptocurrency exchange, announced the opening of its Thailand branch. The newly established exchange, Gulf Binance, is a collaboration between Binance and Gulf Innova from Thailand. It will function both as an exchange and a brokerage platform. Binance TH aims to facilitate the smooth buying and selling of digital assets, including local currency pairs.
As stated in their official announcement, Binance used the expression, “Binance TH, created by Gulf Binance regulated by Thailand SEC and licensed by the Thai Ministry of Finance, is now accessible to all eligible users.”
Previously, Gulf Binance received operational approval from the Thai Ministry of Finance in May 2023. Subsequently, it obtained approval from the Securities and Exchange Commission of Thailand (SEC) to provide comprehensive digital asset exchange services in the region. The launch of Binance TH adds another noteworthy segment to the dynamic crypto landscape of Southeast Asia.
Competing Against Binance TH
Binance is expected to face sharp competition in a market dominated by Bangkok-based Bitkub. According to HashKey, Bitkub currently holds an impressive 77% market share. Bitkub obtained its exchange license from the Thai Ministry of Finance in early 2019. It also received pre-approval from the Thai SEC in 2018, further solidifying its legal status. While Bitkub stands as a major player, other exchanges have also sustained their presence in Thailand’s crypto landscape.
Upbit entered the scene in 2021, contributing to the diversity of options for local traders. Additionally, Bitazza and Zipmex had established themselves in the market. However, Zipmex faced regulatory pressure in November 2023 and halted its trading operations.