Binance bets on Thailand as region signals supportive crypto approach

Binance is prioritizing Thailand as a key market in its mission to reach one billion users, with crypto-friendly regulations seen as a driving factor.

Cryptocurrency exchange Binance is investing heavily in Thailand as it aims to make crypto mainstream worldwide and highlight the country’s regulatory openness, The Bangkok Post reported, citing Binance marketing chief Rachel Conlan.

According to Conlan, Thailand is among Binance’s top 20 markets worldwide, with local crypto penetration estimated at 12%; This is twice the global average of 6%. He also praised Thailand for taking a “pioneering approach to crypto” and trying to set the regulations and framework “in the right way.”

“I think ultimately that’s what’s going to help this industry evolve and move forward.”

Rachel Conlan

Conlan said that he attributed the growth of Binance, which gained 60 million users in the last six months, to positive developments such as increasing institutional adoption and ETF approvals, and stated that the exchange sees the 20% global adoption rate as mainstream and this is a milestone it aims to reach. three years. Binance currently has 240 million users worldwide.

Crypto exchanges are doubling down on their investment in Thailand as the country itself appears to be betting on crypto. Recently, Siam Commercial Bank launched Thailand’s first stablecoin-powered cross-border payment system to facilitate faster, more efficient international transactions.

In August, Thai financial regulators also launched a Digital Asset Regulatory Sandbox to encourage cryptocurrency adoption in the country. The initiative, backed by a public hearing in May, allowed participants to test crypto services under flexible regulations to help develop Thailand’s digital asset market.