Binance has agreed to set up a cryptocurrency exchange with Thailand’s Gulf Energy Development.
- Gulf Energy Development, a publicly traded holding firm, informed the Thai Stock Exchange Monday that its subsidiary Gulf Innova is to study developing a digital asset exchange with Binance.
- Gulf Energy Development says it foresees “rapid growth in digital infrastructure” in the country, in which crypto will play a “prominent role” in meeting the demands of the Thai people.
- “Our goal is to work with government, regulators and innovative companies to develop the crypto and blockchain ecosystem in Thailand,” a Binance spokesperson said, according to a report by Reuters.
- Thailand was one of a large number of countries in which Binance received a regulatory reprimands last year on grounds of it offering services for which it was not authorized. Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against Binance claiming it was operating an unlicensed digital asset business.
Read more: Thailand’s Crypto Traders to Be Subject to 15% Capital Gains Tax: Report