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Binance to Set Up Crypto Exchange With Thailand's Gulf Energy Development
Gulf Energy Development says it foresees "rapid growth in digital infrastructure" in the country.
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 reprimand 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
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Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
