Binance ties up with Gulf Energy Development on Thai Crypto Exchange

Binance ties up with Gulf Energy Development on Thai Crypto Exchange

Gulf Energy Development teams up with Binance to study a digital asset exchange in Thailand. (Photo captured from Gulf Energy Development Plc website)
Gulf Energy Development teams up with Binance to study a digital asset exchange in Thailand. (Photo captured from Gulf Energy Development Plc website)

Binance Holdings Ltd reached an agreement with billionaire Sarath Ratanavadi’s Gulf Energy Development Plc to study a digital asset exchange in Thailand.

The Bangkok-based firm said the memorandum of understanding with Binance, the world’s largest crypto exchange by trading volume, is driven by the likely “rapid growth” of Thailand’s digital infrastructure in the coming years, according to a letter to the Stock Exchange of Thailand seen by Bloomberg. 

A Binance spokesperson said “it’s the first step” to exploring opportunities in Thailand. Gulf and the SET didn’t immediately respond to requests for comment.

The partnership marks the latest effort by Binance to institutionalise its global operations. Last month, the company received preliminary approval from Bahrain’s central bank to be a crypto-asset service provider and signed a deal with the Dubai World Trade Centre Authority on virtual asset regulation.

Binance’s founder Changpeng Zhao recently set down firmer roots in the United Arab Emirates, where the company is looking to expand its footprint.

Mr Sarath has lately also become a more active player in the financial technology space. In September, Advanced Info Service Plc, the largest phone-service operator, in which Gulf holds an indirect stake, formed a joint venture with Siam Commercial Bank Plc to offer digital financial products.

Gulf shares closed up 1.75 baht, or 3.48%, to 52 baht.

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