Shiba Inu Gains Entry in Binance Thailand Boosting its Adoption and Visibility Significantly

The listing comes after a year when the top exchange received the green light from Thailand's SEC to operate a crypto exchange and brokerage.

Shiba Inu (SHIB) gained a significant boost in adoption and visibility after being listed on Binance Thailand. According to the announcement, SHIB will be available for trading from June 11 at 2:00 a.m. ET on the BSC network through Binance TH, a subsidiary of Gulf Binance.

The listing comes after a year when the top exchange received the green light from Thailand’s SEC to operate a crypto exchange and brokerage. At the time, it became the first crypto exchange to secure a permit in Southeast Asia, thanks to the partnership with Gulf Energy Development, one of Thailand’s largest private power producers.

The exchange began its operation in Thailand in Q4 2023 as a 51-49 joint venture with Gulf Innova, the fintech arm of Gulf Energy, which invested $20 million for a 0.4% stake in Binance’s U.S. operation.

Meanwhile, amidst regulatory troubles, the trading platform received a major respite when its US subsidiary scored a vital win following a court ruling that Florida regulators had failed to follow proper procedures for blocking the crypto exchange.

On the other hand, Binance recently published its 19th proof of reserves [PoR] report revealing notable shifts in BTC, ETH, USDT, XRP, and Shiba Inu holdings, with asset reserves totaling $124.69 billion. While Binance’s net balances reached 64,808,700,407,107 [64.8 trillion] tokens, customer net balances totaled 62,621,636,992,214 [62.62 trillion] Shiba Inu.

This comprises 64.599 trillion SHIB in direct exchange balances and 209.55 billion SHIB in third-party custody. The Shiba Inu ratio of 103.49% indicates that customer holdings hold a slightly higher proportion than that of Binance.

Massive Scaling Projects Awaits For Shiba Inu

In a related development, the meme coin project’s lead developer Shytoshi Kusama caught attention after he teased “massive scale” projects that are “bigger than this” in response to a tweet from Ethereum founder Vitalik Buterin.

The latter recently posted a detailed tweet outlining the features that a celebrity crypto project should have. These features include public-good goals, fun mechanics that go beyond just trading a token, and the ability to last for more than 10 years.

To this, Kusama responded, “Couldn’t be better timing. Walking into a meeting now to close exactly this. Well, almost exactly- we are thinking much bigger than this and on a massive scale. I’ll show this to the team for validation. Thanks, Woofmeister.”