Binance, the world’s largest crypto exchange by trading volume, has announced a partnership with Thailand-based holding company Gulf Energy Development. The two companies will work together to find ways to open digital asset exchanges and conduct related businesses in Thailand.
Precisely, the exchange has partnered with Gulf Innova Company, a wholly-owned subsidiary of Thai billionaire Sarath Ratanavadi’s energy company Gulf Energy Development. The signing of the MoU was revealed after Gulf Energy filed an application with Thailand’s Securities and Exchange Commission on Monday.
In a letter to the Thai Stock Exchange, Gulf Energy said it has predicted Thailand’s digital infrastructure to grow exponentially, with “digital assets and related technology playing a prominent role in improving efficiency of financial infrastructure in the country to meet the increasing demand of Thai people.”
Per the letter, Binance will offer technical expertise whereas Gulf Energy will utilize the company’s network with local companies in the real and financial sector.
“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. “The first step is to explore opportunities in an open and collaborative manner.”
Meanwhile, it’s unclear whether Binance would be allowed to expand business in Thailand after the country’s financial regulator filed a criminal complaint against the exchange last year for operating its crypto business without obtaining relevant licenses from the Thai SEC.