Binance partners with Thai billionaire to create cryptocurrency exchange

The company’s representative said that the cooperation was the first step towards exploring opportunities in Thailand

18.01.2022 - 12:00

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1 min

What’s new? Binance has teamed up with Gulf Innova Company, a subsidiary of Gulf Energy Development Public Company, to create a cryptocurrency exchange in the country. The company is owned by Thai billionaire Sarath Ratanavadi. This was revealed in Gulf Energy’s letter to the Stock Exchange of Thailand.

The Gulf Energy letter

What does the letter say? Gulf Energy stated that it foresees rapid growth of Thailand’s digital infrastructure and that cooperation with Binance will help its development. The company said that it will share its experience in setting up a business with a network of local corporations for a common initiative, while the cryptocurrency exchange will provide blockchain technologies.

Binance’s representative said that the cooperation was the first step towards exploring opportunities in Thailand.

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

What had happened before? In December, Binance received approval from the Central Bank of Bahrain to provide crypto asset services in the country. The company also recently signed an agreement with the Dubai World Trade Centre Authority to help it establish a cryptocurrency regulatory framework.

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