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.