Binance launches Thai crypto exchange, wading into crowded market

Competition set to heat up in country where 20% of people own digital currency

20240116N Binance

Bangkok prohibits the use of cryptocurrency for payments, limiting exchanges to investment purposes. © Reuters

KOSUKE INOUE, Nikkei staff writer

BANGKOK -- Leading cryptocurrency exchange Binance has launched full digital asset exchange operations in Thailand, it announced on Tuesday, a move likely to intensify competition in an already crowded domestic market.

The exchange will be operated by Gulf Binance, a joint venture with local electric power major Gulf Energy Development. Binance secured licenses to operate an exchange in May 2023.

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