Binance Thailand Begins Operations

Reading Time: < 1 minute

Binance, a crypto exchange, has now opened its doors to the general public in Thailand. This move has the potential to disrupt the local crypto exchange market, which has been dominated by Bitkub, based in Bangkok.

According to a statement released on Jan. 16, Binance TH announced that it will be accessible to all eligible users and has also introduced a dedicated order book specifically for Thai baht trading pairs.

Additionally, users can deposit and withdraw local currency through seamless integration with domestic banking systems.

A spokesperson from Binance stated that currently, the exchange is only offering spot trading services, but there are plans for expansion in the future.

They also mentioned that Binance TH is working closely with regulators to obtain approvals for other services and has ambitious long-term plans for the exchange.

Binance received approval from Thailand’s Securities and Exchange Commission (SEC) to commence operations two months ago and initially launched on an invitation-only basis.