Shiba Inu has gained entry in Binance Thailand boosting its adoption and visibility significantly. As per the announcement, SHIB will go live 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 the fourth quarter of 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. 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.
Recently, Binance 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 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.
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.”
