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Binance, one of the leading cryptocurrency exchanges, has opened its doors to Thailand, offering trading to the public for all eligible users in the country.
Currently, Bitkub is the leading exchange locally-based and dominant in the country’s market. The exchange might have competition with Binance TH opening for users to trade listed cryptocurrencies as well as trade fiat for cryptocurrency and the reverse. Binance has integrated systems with local banking systems that will allow users to deposit and withdrawal local currency as part of trades.
Current Players in Thailand’s Crypto Market
Bitkub is the main exchange used in the market in Thailand with nearly 80% of users trading on the platform, but there are still others in the country that Binance will be contending against. Upbeat and Bitazza are also key exchanges in the country. According to Binance CEO Richard Teng and Gulf Binance CEO Nirun Fuwattananukul, Binance has been working with regulators and authorities in Thailand to become a strong, integrated part of the country’s economy to create opportunities and growth:
“Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning.”
Binance’s Steps in Thailand Trading
Just recently, Binance was given the green lit from Thailand’s Securities and Exchange Commission (SEC) to launch operations. At the time, services were exclusively offered to select users. Now, the general public will be able to trade using the platform. The launch to the public is the final step, after the exchange first announced plans to reach the Thai public last year May. Just after announcing the plans, Binance received its brokerage operator and digital asset exchange licenses from the country’s Ministry of Finance.
Starting this year, Thailand will start taxing overseas income from stock and crypto traders. While this might impact the trading market in the country, it remains to be seen whether it will affect Binance’s potential market share.