Binance to launch a regulated Bitcoin exchange in Thailand

Binance has formed a joint venture with Gulf Energy Development, the Thai billionaire Sarath Ratanavadi’s company, which will apply for a cryptocurrency exchange licence in the country.

According to the letter to the Stock Exchange of Thailand, its subsidiary invested in BNB tokens.

In another notice, Gulf Energy said that its Hong Kong subsidiary participated in a $200 million seed financing round for Binance.US. The amounts invested were not disclosed.

“The company believes this multilevel cooperation with Binance … aligns with its goal to become a leader in digital infrastructure,” the statement said.

In January, Binance and Gulf Energy signed a memorandum of understanding to explore the possibility of launching a cryptocurrency exchange in Thailand.

In Forbes they noted that one of the country’s largest electricity producers is actively diversifying its portfolio. In October 2021, Gulf Energy signed an agreement with Singaporean telecommunications giant Singtel to develop a data-centre business in Thailand. A few months earlier, the Thai firm had acquired a stake in the largest mobile operator.

In April 2022, the Thai regulator advised businesses to stop accepting payments in cryptocurrencies.