Digital Assets & CryptoSilver report

Published April 2026Insight Research18 min read2026 Edition13 sources, 5 primary-gradeStrong source depth

Thai Crypto: Bitkub, Binance Thailand, and the SEC Digital Asset Licensing Framework

Thai crypto-exchange tier concentrated under Bitkub (~50-60% market share, SCBX-affiliated post-2024 IPO arc), Binance Thailand (Gulf JV launched 2024 post-SEC license), Z.com Thailand (GMO-affiliated). ~USD 5-8B Thai crypto-exchange annual volume. SEC Thailand Digital Asset Business Act 2018 framework. Watchpoints: stablecoin-issuance, USDT-vs-Thai-stablecoin, BoT crypto-restriction policy.

Key takeaways

1
Thai crypto-exchange tier concentrated under Bitkub, Binance Thailand, Z.com Thailand.
2
Bitkub ~ market share; founded 2018 by Jirayut Srupsrisopa.
3
SCBX-Bitkub 2022 acquisition (~) called off August 2022.
4
Binance Thailand Gulf JV launched 2024 post-SEC license.
5
~ Thai crypto-exchange annual volume (volatile).
6
Watchpoints: stablecoin-issuance, BoT crypto-restriction policy, ASEAN integration.

Questions this report answers

What's Bitkub's structural role? Per Bitkub corporate: Bitkub Online (private; founded 2018 by Jirayut 'Topp' Srupsrisopa Thai-tech-entrepreneur) is the largest Thai crypto-exchange ~ market share. SCBX (SCB X SET-listed) attempted acquisition 2022 (~) but called off August 2022; SCBX retains minority stake.^{[, ]}

What's the Binance, tier-2 competitive structure? Per Bangkok Post: Binance Thailand (Gulf Energy-Binance JV; Gulf Innova subsidiary; launched Thailand 2024 post-SEC license January 2024) structural challenger. Z.com Thailand (GMO-affiliated). Tier-2: Satang Pro, Bitazza, ERX.^[]

What's the SEC, watchpoint structure? Per SEC Thailand: Digital Asset Business Act B.E. 2561 (2018) licenses digital-asset-exchanges, brokers, dealers. ~ Thai crypto-exchange annual volume. BoT 2022 directive prohibits crypto for payment-of-goods-services. Watchpoints: stablecoin-issuance evolution, USDT-vs-Thai-stablecoin competitive dynamic, BoT crypto-restriction policy evolution, BOI digital-asset infrastructure promotion, ASEAN crypto-cross-border integration.^[]

Public-record references

Data as of: 2025-2030 horizon

Executive summary

Thai crypto-exchange tier concentrated under Bitkub (~), Binance Thailand (Gulf JV 2024), Z.com Thailand.^{[, ]}

SCBX-Bitkub 2022 acquisition (~) called off August 2022; SCBX minority stake retained.^[]

SEC Thailand Digital Asset Business Act 2018 framework. Watchpoints: stablecoin, BoT policy, ASEAN integration.^[]

Public-record references

Data as of: 2025-2030 horizon

Thai crypto-exchange structure

Bitkub

Value

~50-60% market share

Notes

Founded 2018 by Jirayut Srupsrisopa.

SCBX-Bitkub 2022

Value

USD 537M acquisition called-off

Notes

August 2022.

Binance Thailand

Value

Gulf JV 2024

Notes

Post-SEC license January 2024.

Z.com Thailand

Value

GMO-affiliated

Notes

Japanese-Thai tier-2.

Annual exchange volume

Value

~USD 5-8B

Notes

Volatile rolling estimates.

SEC Digital Asset Act

Value

B.E. 2561 (2018)

Notes

Licensing framework.

Metric	Value	Notes
Bitkub	~50-60% market share	Founded 2018 by Jirayut Srupsrisopa.
SCBX-Bitkub 2022	USD 537M acquisition called-off	August 2022.
Binance Thailand	Gulf JV 2024	Post-SEC license January 2024.
Z.com Thailand	GMO-affiliated	Japanese-Thai tier-2.
Annual exchange volume	~USD 5-8B	Volatile rolling estimates.
SEC Digital Asset Act	B.E. 2561 (2018)	Licensing framework.

Public-record references

Data as of: 2024-2026

Analyst framing

Why this report matters

Thai crypto-exchange concentrated under Bitkub (~50-60%), Binance Thailand (Gulf JV 2024), Z.com Thailand (GMO). SCBX-Bitkub 2022 USD 537M acquisition called-off; SCBX minority retained. SEC Thailand Digital Asset Business Act 2018. Watchpoints: stablecoin, BoT policy.

Operator playbooks

Bitkub Online (Bitkub Capital Group Holdings, private): Thailand's dominant licensed crypto exchange ~80% of Thai crypto trading volume as of late-2025 (per CoinDesk, Bloomberg, and Bitkub's own disclosures around its IPO marketing). Approximately 5 million registered users; founded 2018 by Jirayut 'Topp' Srupsrisopa. SCBX's 2022 attempted majority acquisition (THB 17.85B / ~USD 537M for 51%) was called off August 2022 over regulatory due-diligence concerns; SCBX retains a minority stake. Bitkub shelved a planned SET IPO after the Thai stock market slumped ~25-30% through 2025 and is targeting a Hong Kong listing of approximately USD 200M as early as 2026.

Binance Thailand (Gulf Innova-Binance JV; subsidiary of Gulf Energy SET: GULF): launched Thai operations early 2024 after SEC Thailand license January 2024. Combines Binance global liquidity, brand, and product depth with Gulf Energy local regulatory standing and Thai-baht banking rails. Estimated single-digit market-share at launch (low-to-mid single digits 2024-25) but is the structural challenger for Bitkub's retail base — particularly higher-volume traders who value Binance derivatives, BNB ecosystem, and global pair depth.

Orbix (formerly Satang Pro): KASIKORN Vision Company (KBank Group strategic investment arm) acquired a majority stake in Satang in October 2023 for approximately THB 3.7B; rebranded Orbix in 2024. Bank-backed challenger to Bitkub-SCBX axis. Lower retail penetration than Bitkub but credible institutional / wealth-management distribution via KBank's customer base. Strategic: positions KBank as the Thai bank-tier crypto-rails competitor to SCBX's residual Bitkub stake.

Z.com Thailand (GMO Internet Group, Japan): tier-2 platform; lower retail share but operational steady-state with Japanese-tech parent backing. Tier-2: Bitazza, ERX, Upbit Thailand, Crypto.com Thailand operate licensed niches. SEC Thailand maintains roughly 15-20 active digital-asset business licenses across categories (exchange, broker, dealer, fund manager, advisor).

Negative precedent: Zipmex Thailand collapsed July 2022 after halting withdrawals; filed Singapore moratorium under IRDA 2018; its lending exposure to Babel and Celsius wiped out reserves. Outcome shaped Thai SEC's 2023 tightened custody, segregation, and reserves rules — and Bitkub's structural moat (regulator confidence in licensed scale) was meaningfully strengthened.

Thai crypto-exchange volume share (estimated, 2025)

Bitkub

Share %

~80%

Notes

~5M registered users; THB rails; SCBX minority residual stake.

Binance Thailand (Gulf JV)

Share %

~8%

Notes

SEC license January 2024; global liquidity, derivatives.

Orbix (Satang, KBank Vision majority 2023)

Share %

~5%

Notes

KBank-backed wealth management crypto rails.

Z.com Thailand (GMO)

Share %

~3%

Notes

Japanese-tech parent; tier-2 retail.

Bitazza, ERX, Upbit Thailand, others

Share %

~4%

Notes

Licensed niches; institutional, advisor, dealer.

Platform	Share %	Notes
Bitkub	~80%	~5M registered users; THB rails; SCBX minority residual stake.
Binance Thailand (Gulf JV)	~8%	SEC license January 2024; global liquidity, derivatives.
Orbix (Satang, KBank Vision majority 2023)	~5%	KBank-backed wealth management crypto rails.
Z.com Thailand (GMO)	~3%	Japanese-tech parent; tier-2 retail.
Bitazza, ERX, Upbit Thailand, others	~4%	Licensed niches; institutional, advisor, dealer.

Bitkub80%
Binance Thailand (Gulf JV)8%
Orbix (Satang, KBank Vision majority 2023)5%
Z.com Thailand (GMO)3%
Bitazza, ERX, Upbit Thailand, others4%

Bitkub IPO marketing disclosures, CoinDesk, Bloomberg, SEC Thailand

Data as of: FY2025

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