The name ‘Binance’ comes from the joining of 2 words, bitcoin and finance. Binance was founded in 2017 by the Canadian business man known as CZ, or by his full name Changpeng Zhao. Binance has since become the world’s largest cryptocurrency exchange, with over 900 million users globally. It currently has over 500 coins available on its platform which gives rise to a large daily trading volume which is, at the time of writing, approximately 76 billion US dollars.
For all its users it offers a wallet to store their cryptocurrency. Binance exchange also has its own token, BNB, and offers its users discounts if they pay in BNB. In addition, it also has one of the lowest transaction fees amongst other cryptocurrency exchanges. It also offers its users other services including a Binance Visa Card which is essentially a credit card that allows its users to convert their cryptocurrency into regular, ‘real-world’ currency such as Thai Baht or Dollars, (what is known in the crypto world as fiat currency) to pay for products and services.
Binance did previously have a cryptocurrency exchange in Thailand. However in 2021 new regulations governing cryptocurrency and the trade in cryptocurrency were introduced by the Thai SEC. Due to these new regulations the Binance Thailand exchange was subsequently required to close its operations at that time.
However, since then Binance has been looking at ways of re-entering the booming Thai cryptocurrency market. And it has succeeded thanks to a joint venture with the locally based Gulf Energy Thailand. This joint venture has in effect opened the door for Binance to establish and set up a compliant and fully regulated cryptocurrency exchange in Thailand. So it’s time to get ready for Binance Thailand.
Although exact details are not yet available for Binance Thailand, they will be bound by the new regulations of the Thai SEC so joining will probably be as follows.
You will need a local Thai bank account in order to join and to deposit and withdraw funds from your account. At this point it is unclear whether US citizens will be able to join Binance Thailand, though probably they will not be able to do so.
Here is a brief run-down of what steps you will likely need to take in order to join the Binance Thailand Cryptocurrency Exchange. Firstly, you should head over to their official website. This will be a new website, with its own web address and not the main Binance website. You will have to register your account with the email address you wish to use with Binance Thailand. You will most certainly need to have a strong and unique password for your account, as on any other cryptocurrency exchange. Binance takes its security very seriously.
You will then be required to verify your identity which will include providing certain ID documentation along with an upload of your passport as well as a selfie.
You will also be asked to complete a financial suitability test; this is in accordance with the rules governing all financial investments.
Once you have completed the verification process you will be all set with your Binance Thailand account and will be free to explore the many coins and trades they have to offer. Even if you are a beginner you will also be able to buy and sell, and invest in bitcoin, altcoins and NFTs.
We expect that with the large number of resources available to Binance that the Binance Thailand exchange will become one of the more popular exchanges with users in Thailand. Along with more users comes larger trading volumes and given that Binance has over 500 coins on its exchange, it may well mean that users in Thailand will have access to new cryptocurrency tokens that have until now not been available in the country.
While Thailand has some well-established cryptocurrency exchanges already in place, such as Bitkub, Satang Pro and Zipmex, the re-introduction of Binance Thailand will be an exciting development in the cryptocurrency world in Thailand.
Though the exact details about Binance Thailand are still not available yet, we will keep you up to date with all the latest news and information regarding this exchange, so be sure to check back with us.
