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Binance is shifting its focus to increase cryptocurrency adoption in Thailand which could transform the future of digital assets in the Asian region.
Binance announced it wants to make virtual coins a mainstream currency in the Thai market, which could propel the crypto platform to hit 1 billion users.
Binance Chief Marketing Officer Rachel Conlan said that the crypto firm sees Thailand as a key strategic market in expanding its dominance in the cryptocurrency sector.
A Strategic Market
During the Binance Blockchain Week, Conlan explained that Binance’s primary market is Asia because there are many early crypto adopters in the country.
The Binance executive added that the Southeast Asian country has taken the “pioneering approach” when it comes to digital currency, believing that Thailand is moving in the right direction in making crypto regulations.
“I think that is what ultimately is going to help this industry thrive and drive forward,” Conlan remarked.
A High Crypto Penetration
Conlan explained that one of the reasons why Binance targets Thailand for its expansion is its high crypto penetration rate, which is twice the global average.
Statistics showed that the global crypto penetration rate is only 6% but Conlan said that in Thailand the penetration rate is pegged at 12%.
The Binance executive noted that Bitcoin adoption worldwide remains relatively low although cryptocurrency has been in existence for many years now.
Bitcoin market cap currently at $1.45 trillion. Chart: TradingView.com
In recent months, there have been several factors driving the surge in crypto.
Currently, the cryptocurrency platform operates in 100 markets globally with at least 240 million users. The crypto firm continues its business expansion wherein 60 million users were added in more than six months.
Turning Thailand Into A Crypto Hub
Binance’s crypto expansion is a welcome development in the Southeast Asian country as it aims to become a crypto hub in the region.
In October this year, Thailand’s Digital Asset Association president Nares Laopannarai said that it is plausible that the country could become a cryptocurrency center once strategic policies that support its development are implemented.
Laopannarai said that to be able to compete regionally, Thailand should bolster its position as a hub for digital assets by striking a balance between traditional finance and blockchain technology.
He added that the country is already going in that direction to become more supportive and less regulatory.
Binance Exec Filed Motion To Dismiss
In a related development, Binance lawyers and its ex-CEO Changpeng Zhao have asked the court to dismiss the charges filed by the US Securities and Exchange Commission (SEC) against them.
The crypto firm’s lawyers and its former executive argued that the SEC’s amended complaint is a “lip service” to a previous ruling of the court which stated that crypto assets are treated as securities.
They added it seems that the SEC did not recognize the impact of the court’s ruling in cryptocurrency trading, saying that secondary market resales of crypto do not constitute “securities” transactions.
Featured image from Wanderlust Travel Magazine, chart from TradingView
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