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The blocking of Bybit, OKX, and CoinEx after June 28, 2026 has made the choice of exchange more consequential for Thai crypto users. Where before Thai traders might have used unlicensed offshore platforms for better liquidity and more coins, the enforcement reality now points strongly toward the two dominant licensed options: Bitkub and Gulf Binance.
This isn’t a close comparison on every dimension. Bitkub and Gulf Binance have genuinely different profiles, and the right choice depends on what you’re actually trying to do.
Bitkub: The Incumbent
Bitkub has been operating under a Thai SEC licence longer than any other exchange in Thailand. It’s the largest by Thai retail volume and the default choice for many Thai investors who entered crypto in the 2020–2023 cycle. Its strengths are the things you’d expect from an established player: deep liquidity on major THB pairs (BTC/THB, ETH/THB, XRP/THB), seamless integration with Thai bank transfers through PromptPay, and a track record of navigating the Thai regulatory environment that no other licensed exchange can match.
The weaknesses are also those you’d expect. Bitkub has a more limited token selection than international exchanges — it lists fewer altcoins than the offshore platforms Thai traders have been accustomed to. Fees have historically been higher than offshore competitors: a 0.25% trading fee on spot transactions, compared to 0.10% or less at many global exchanges. And its interface, while functional, hasn’t evolved as quickly as some users would like.
Gulf Binance: The Challenger With Infrastructure
Gulf Binance launched more recently but brings significant advantages by virtue of its Binance parentage. The exchange has access to Binance’s technology stack — matching engine, liquidity infrastructure, trading interface — while operating under a separate Thai legal entity with Thai SEC oversight. That means users get a familiar Binance-like interface with local regulatory compliance layered on top.
Gulf Binance has been expanding its token listing relatively quickly, trying to narrow the gap with Binance.com’s selection while staying within what the Thai SEC permits. It also benefits from Binance’s global liquidity network in ways that pure-domestic exchanges cannot easily replicate, which matters for tighter spreads on less-liquid tokens.
The trade-off: Gulf Binance is newer, which means its track record for reliability during high-volatility periods in the Thai market is shorter. Bitkub has been through several market cycles; Gulf Binance has not.
Fees: A Practical Comparison
Bitkub’s standard spot trading fee is 0.25% per side. Gulf Binance uses a tiered maker-taker structure similar to Binance’s global fee schedule, starting around 0.10% for takers and lower for makers depending on volume. For active traders, the fee difference is meaningful over time. For buy-and-hold investors doing occasional transactions, it matters less than other factors like which tokens are available and how easily you can move money in and out.
Both exchanges support THB deposits and withdrawals through Thai bank transfers. Bitkub’s bank integration is more established and generally faster for smaller amounts. Gulf Binance is catching up and has added more banking partnerships over the past six months.
Token Selection
Bitkub lists around 70–80 tokens at any given time. Gulf Binance has been expanding and now lists a comparable or slightly larger number on its Thai platform. Neither comes close to Binance.com’s several-hundred-token catalogue, but for the core use cases — Bitcoin, Ethereum, BNB, and the major altcoins — both cover the essentials.
If you need to trade a specific newer or more obscure token, neither licensed Thai exchange may carry it. The enforcement reality means Thai users who need those assets face a genuine access problem that no licensed domestic exchange can currently solve.
Which One Should Thai Investors Use
Bitkub is the safer default for investors who prioritise track record, regulatory certainty, and established banking integration. Gulf Binance is worth considering for traders who want lower fees and a more familiar interface — particularly those who previously used Binance.com and want to stay within the Binance ecosystem under Thai licensing.
There’s no reason to pick only one. Both are licensed, both are covered by the five-year capital gains tax exemption on profits from licensed exchanges (until December 2029), and both sit under Thai SEC oversight. Splitting between the two is a reasonable approach for investors who want diversification across platforms.
What to Watch
Watch whether the SEC’s licence pipeline delivers new entrants — Coinbase, Kraken, or another major name entering the Thai market would change the competitive picture for both Bitkub and Gulf Binance. Also watch Zipmex’s restructuring outcome: if Zipmex resolves cleanly, it adds a third meaningful licensed option; if it fails, the two-player dynamic between Bitkub and Gulf Binance becomes even more entrenched.
