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Binance bets on Thailand as region signals supportive crypto approach

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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 betting big on Thailand as it aims to bring crypto mainstream worldwide, spotlighting the country’s regulatory openness, The Bangkok Post reports, citing Binance chief marketing officer Rachel Conlan.

Per Conlan, Thailand ranks among Binance’s top 20 markets worldwide, with local crypto penetration estimated at 12%, double the global average of 6%. She also praised Thailand for taking a “pioneering approach to crypto” and working to establish regulations and a framework “in the right way.”

“I think that is what ultimately is going to help this industry thrive and drive forward.”

Rachel Conlan

Binance, which gained 60 million users in the past six months, attributes its growth to increased institutional adoption and positive developments like ETF approvals, Conlan said, noting the exchange sees a 20% global adoption rate as mainstream, a milestone it aims to reach within three years. Binance currently claims 240 million users globally.

The crypto exchange is doubling down on Thailand as the country itself appears to be betting on crypto as well. 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 crypto 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.



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PONKE Price Skyrockets 19% On Binance Support, What’s Next?

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The Solana meme coin Ponke (PONKE) saw its price soar by 19% following Binance’s announcement of a USDⓈ-Margined PONKEUSDT Perpetual Contract. Set to launch on November 4, 2024, this contract offers users up to 75x leverage, signaling increased opportunities for traders and heightened optimism among PONKE supporters.

PONKE Price Rockets Amid Major Binance Support

According to Binance’s official announcement, the PONKEUSDT perpetual contract will go live on November 4 at 12:30 UTC, providing traders with 75x leverage and 24/7 trading. Key features include a tick size of 0.00001 and a capped funding rate of ±2.00%, with funding fees settled every four hours. Binance’s Multi-Assets Mode further allows users to utilize BTC as collateral, offering flexibility in margin trading. However, the exchange may adjust contract specifications, such as funding fees, leverage, and tick size, based on evolving market conditions, ensuring the asset aligns with market risk levels.

PONKE, built on Solana, benefits from the blockchain’s high-speed and low-cost transactions, catering to online traders and gaming enthusiasts. The coin’s community-driven design, distinct tokenomics, and accessibility through major exchanges contribute to its market appeal. Its #ponkyarmy community is particularly active, with governance roles and a dedicated social media presence that drive further engagement and growth.

Will The Rally Sustain?

Following the Binance listing news, PONKE’s price surged by 19%, currently trading at $0.49, with a 24-hour low of $0.43 and a high of $0.56. Its trading volume climbed to $77 million in the last 24 hours, indicating heightened interest. PONKE, with a market cap of $274 million, continues to capture the attention of meme coin enthusiasts. Besides, recent Coinglass data also highlights increased open interest for PONKE, signaling optimism for further gains.

PONKE Price Skyrockets 19% On Binance Support, What's Next?PONKE Price Skyrockets 19% On Binance Support, What's Next?

Launched in late 2023 with a total supply of 555 million tokens, PONKE has already achieved an all-time high of $0.70 four months ago. Its deflationary burn mechanism and community-driven features have positioned PONKE uniquely within the Solana ecosystem, drawing both meme coin fans and investors seeking growth in Solana-based assets.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Joe Biden Thanks Nigerian President for Releasing Binance Executive Tigran Gambaryan From Prison

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US President Joe Biden has expressed his appreciation to Nigerian President Bola Tinubu for securing the release of Binance’s compliance officer Tigran Gambaryan from prison.

Gambaryan, a former agent of the US Internal Revenue Service (IRS), was visiting Nigeria to address regulatory concerns about Binance when local authorities arrested and jailed him on charges of money laundering and operating an unlicensed financial institution.

Amid reports of Gambaryan’s deteriorating health and the Nigerian government’s refusal to give him adequate medical treatment, 18 US state attorneys general wrote a joint letter telling Biden that Nigeria’s blatant misuse of power should be met with the full weight of the US government’s influence given the financial and political support that America extends to the West African nation’s current regime.

Last week, Judge Emeka Nwite ordered that Gambaryan be released from Kuje prison where the executive was incarcerated following his arraignment in April.

R.U. Adaba, a lawyer who represents the prosecuting agency, said that Nigeria is dropping the charges due to diplomatic interventions and in consideration of the extent of Gambaryan’s involvement as an employee of Binance.

The White House says that during a recent call, Biden thanked Tinubu for the development in Gambaryan’s case.

“President Biden offered his condolences on the recent flooding that has impacted northeastern Nigeria and underscored his appreciation for President Tinubu’s leadership in securing the release on humanitarian grounds of American citizen and former U.S. law enforcement official Tigran Gambaryan last week.”

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GOAT Price Extends Weekly Gains To 200% On Binance Futures Listing, Is $1 Next?

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The recent hot buzz of the crypto town, Goatseus Maximus (GOAT), once again garnered substantial investor attention as it secured a vital listing on Thursday. Notably, Binance launched a perpetual contract for the Truth_Terminal-backed token, pushing GOAT price to extend weekly gains by over 200%. Meanwhile, the coin’s intraday gains totaled 20% in tandem with the listing announcement.

Crypto market enthusiasts speculate whether the recently launched crypto could sustain a bull run to $1 in light of its futures listing on one of the top crypto exchanges.

GOAT Bags Binance Futures Listing Reverberating Market Optimism

According to an official Binance announcement dated October 24, the futures trading arm of the firm is listing GOATUSDT USD-Margined perpetual contract today at 13:30 UTC. Traders on the platform can enjoy up to 75x leverage when trading the asset. This mover by the crypto trading platform comes primarily to expand the list of trading choices offered to users.

The underlying asset for the perpetual contract remains Goatseus Maximus, the Truth-Terminal-backed token. Further, the ticker size for the asset is 0.0001, per the listing announcement. Simultaneously, the capped funding rate was set at +2.00% / -2.00% by the exchange. Besides, the announcement also clarified that the perpetual contract remains poised to face potential changes ahead based on market risk conditions.

Nevertheless, the listing appears to have set off bullish waves for the crypto across the broader market, as seen by recent market stats. Notably, the leading crypto exchange, Crypto.com, also listed Goatseus Maximus previously, pouring optimism over the asset’s future prospects.

GOAT Price Soars 20%

Overall, aligning with its recent listing chronicles on leading crypto exchanges, the token currently surfs bullish tides in the market. At press time, GOAT price surged nearly 20% over the past day and is sitting at $0.7947. The token extended weekly gains to over 200%, per CoinMarketCap data. Further, the coin’s intraday low and high were registered as $0.5992 and $0.8821, respectively. Traders also reacted bullishly to the listing announcement as the coin’s intraday trading volume soared 57% to $437.28 million.

Meanwhile, Coinglass data indicated a 201.87% upswing in Goatseus Maximus futures OI to $29.02 million today. Moreover, even the derivatives volume for the token rocketed 808% to $239.53 million. This data pointed out that the Truth_Terminal-backed token is currently on an uptrend.

Simultaneously, past listings by Binance and their impact on a token’s price bring additional optimism toward the coin’s future price movements. Notably, Simon’s Cat price extended gains to over 60% to date since October 21 in light of CAT futures listing on the exchange. This phenomenon sparks optimism over GOAT price gains lying ahead, with a potential $1 target not far away. Also, it’s noteworthy that BitMEX founder Arthur Hayes anticipated the token to gain 10x ahead, adding to optimism on future movements.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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