Binance partners with Thailand's Gulf Energy Development to establish crypto exchange

By Ishika Dangayach on Jan 17, 2022 | 04:37 AM IST

• Gulf Energy’s subsidiary Gulf Innova to jointly study avenues for the development of digital asset exchange

• The Company foresees rapid growth in digital infrastructure in Thailand

Binance, one of the world's largest cryptocurrency exchanges by trading volume, said on Monday that it will establish a crypto exchange with Thailand's Gulf Energy Development.

Gulf Energy Development, a publicly listed holding company, reported Monday to the Thai Stock Exchange that its subsidiary Gulf Innova to jointly study avenues for the development of digital asset exchange and related business in Thailand.

“The Company foresees rapid growth in digital infrastructure in Thailand as the economy increasingly becomes driven by innovation and technology with digital assets and related technology playing a prominent role in improving the efficiency of financial infrastructure in the country to meet the increasing demand of Thai people,” the company wrote in MOU.

Binance said it would set up the crypto exchange and related businesses in the country.

“Our goal is to work with government, regulators, and innovative companies to develop the crypto and blockchain ecosystem in Thailand,” a Binance spokesperson told Reuters.

Binance got regulatory disciplinary measures last year from the Securities and Exchange Commission (SEC) of Thailand which filed a criminal complaint against Binance, alleging that it was conducting an unauthorized digital asset operation.

This will be Binance's newest endeavor to institutionalize its worldwide operations. Last year in December Binance has signed a deal with Dubai World Trade Centre(DWTC) Authority to assist the development of virtual asset regulations in Dubai.

The DTWC said that it aims to become a crypto zone and regulator of cryptocurrencies and other virtual assets.

Picture Credits: BBC

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