To reach a one billion-user milestone, Binance has identified Thailand as a pivotal market for its expansion efforts, Bangkok Post reported on 5 November 2024.
Commenting on this development, Binance’s Chief Marketing Officer Rachel Conlan said, “Asia is the main market for Binance, though many are early adopters of crypto.” She insisted that Thailand is among the top 20 markets out of the more than 100 that Binance operates in, with Thai penetration twice the global rate.
Binance aims to make cryptocurrency a mainstream financial tool.
Hence, to achieve a global penetration rate of 20%, meaning one in five people worldwide would hold some form of crypto, Binance has identified Thailand as a pivotal market for its expansion efforts.
Binance’s Ambitions Are Proportional To Speed Of Crypto Adoption In Thailand
Thailand has emerged as a frontrunner in the adoption of cryptocurrency, with a penetration rate of 12%, which is double the global average of 6%.
Furthermore, the country has been proactive in establishing a regulatory framework that fosters innovation while ensuring consumer protection.
Currently, Binance boasts 240 million users globally, having added 60 million new users in just the last six months.
This growth is attributed not only increased institutional adoption, but also regulatory developments such as the approval of exchange-traded funds (ETFs).
JUST IN: 🇹🇭 Thai SEC proposed new regulations to allow private funds to buy #Bitocin and crypto.
Asia is ready 🚀 pic.twitter.com/CHspy1o1D9
— Bitcoin Magazine (@BitcoinMagazine) October 10, 2024
Richard Teng, Binance’s Chief Executive, emphasized the importance of regulatory clarity for user confidence and highlighted that Binance is now the most regulated exchange globally, with 20 existing regulatory approvals and more anticipated.
Related: Binance Targets High-Net-Worth Individuals: Launches Crypto Wealth Management Platform
Other Proactive Regulatory Moves By SEC
Recently, the Securities and Exchange Commission (SEC) of Thailand introduced a proposal that could enable mutual and private funds to invest in cryptocurrency products.
The move aims to address the growing interest in digital assets among institutional investors. The proposal will permit funds to increase their investments in crypto exchange-traded funds (ETFs) listed on US stock exchanges. Furthermore, it will provide more crypto-related products to institutional investors and high-net-worth individuals.
Going Forward, Teng predicts that 2025 will be a more prosperous year for crypto due to favorable macroeconomic conditions. He anticipates that interest rate cuts by global central banks will provide robust support for asset prices as inflation comes under control
Read more: Thailand’s SEC Proposes Allowing Mutual And Private Funds To Invest In Crypto Products
