Binance to Launch Regulated Bitcoin Exchange in ThailandMolly Jennings
Binance has formed a joint venture with Thai billionaire Sarath Rathanawady’s Gulf Energy Development, which will apply for a cryptocurrency exchange license in the country.
According to letter firm to the Stock Exchange of Thailand, its subsidiary invested in BNB tokens.
In another notice, Gulf Energy announced that the Hong Kong subsidiary took part in $200M Binance.US Seed Funding Round. Investment amounts were not disclosed.
“The company believes that this is a multi-level cooperation with Binance […] is consistent with its goal of becoming a leader in digital infrastructure,” the statement said.
In January, Binance and Gulf Energy signed a memorandum of understanding to explore the possibility launching a crypto exchange in Thailand.
AT Forbes noted that one of the largest electricity producers in the country is actively diversifying its portfolio. In October 2021, Gulf Energy signed an agreement with Singaporean telecommunications giant Singtel to grow its data center business in Thailand. A few months earlier, the Thai firm had acquired a stake in the largest mobile operator.
Recall that the Thai regulator recommended to businesses from April 1, 2022 stop accepting payments in cryptocurrencies.