Binance targets Thailand as key market for crypto expansion

Thailand is one of Binance’s key strategic markets as the world’s largest cryptocurrency exchange aims to reach the one-billion-user mark, amid a push to turn crypto into a mainstream currency, executives say.
Chief marketing officer Rachel Conlan said Thailand is among the top 20 markets out of the more than 100 that Binance operates in, with Thai penetration twice the global rate.
“Asia is the main market for Binance, though many are early adopters of crypto,” she said on the sidelines of Binance Blockchain Week, held in Dubai last week.
“Thailand, as a country, has taken a pioneering approach to crypto and is trying to introduce regulations and a framework in the right way. I think that is what ultimately is going to help this industry thrive and drive forward.”
The latest data shows that Thailand’s crypto penetration rate stands at 12%, twice the global benchmark of only 6%. There are 240 million Binance users worldwide.
Ms Conlan acknowledged that global Bitcoin adoption is still relatively low, even though the cryptocurrency has been around for a long time. However, the crypto industry has been surging recently due to several positive factors.
“Binance alone added 60 million users over the last six months, and that is not just as a result of Binance being a good brand. It was as a result of the spotlight that’s being put on this industry, the increasing institutional adoption, and the approval of exchange traded funds [ETFs],” Ms Conlan noted.
Companies like Binance and its partners, as well as Web 2.0 counterparts, have been able to make crypto accessible and put it in the hands of users to help them understand that it is not a scam and is not something they should be scared of, she noted.
From Binance’s perspective, being “mainstream” refers to a global penetration rate of 20%.
“That means one in five people are holding crypto in some way. I think we’re probably 36 months away from getting to that point.”
From the company’s perspective, achieving the one-billion-user mark will show that the company has come “from niche to mainstream”, she noted, adding that there is a huge amount of education that still needs to take place to drive the crypto industry forward.
Binance chief executive Richard Teng said the company is now the most regulated exchange worldwide, with 20 existing regulatory approvals and more on the way.
“We are working with many regulators around the world to develop regulatory framework to govern crypto,” he said in response to the latest market data that showed Binance is losing market share to small competitors due to the recent regulatory hurdles it has been facing.
Looking forward to next year, Mr Teng said 2025 will be a better year than 2024 for crypto and all other asset prices, with macroeconomic conditions being the main supporter.
“As you know, we’re going into an economic period where there’ll be more interest rate cuts,” he said. “Inflation appears to be getting under control, so global central banks are looking to cut interest rates and that should provide strong support for assets around the world.
“Now if you look at the top 200 financial institutions in the world, everyone has a blockchain agenda and has started trading crypto on that front. That is huge momentum.
“On a user basis, regulatory clarity is very important as more regulators are introducing frameworks. Users will feel assured of the protection.”