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Crypto exchange BINANCE is launching a new exchange in Thailand after the country's Securities and Exchange Commission (SEC) filed a complaint against the company for unlicensed operation. Binance has just signed an agreement with gulf energy development, a Thai government company, to establish a crypto exchange in Thailand.
Binance and Gulf Energy for crypto trading in Thailand.
Gulf Energy Development, a Thai state-owned corporation, notified the Thailand Stock Exchange (SET) Monday that its wholly owned subsidiary Gulf Innova has entered into a Memorandum of Understanding with Binance Group “to jointly study avenues for the development of digital asset exchange and related business in Thailand.”
The company added that it 'anticipates rapid growth of thailand's digital infrastructure as the economy becomes increasingly driven by innovation and technology, digital assets and related technology play an important role in improving the efficiency of the country's financial infrastructure to meet the growing demand of the thai population."
Gulf Energy Comprehensive:
The company's partnership with Binance will help Thailand to advance its development of digital assets and blockchain infrastructure.
Binance recently got into trouble with the Thai second. The securities watchdog announced in July last year that it “has filed a criminal complaint against Binance” with the Economic Crime Suppression Division of the Royal Thai Police (ECD).
According to the sec, binance operated a crypto exchange business without a license, therefore the company is "liable to criminal sanctions."
How do you feel about Binance launching a crypto exchange in Thailand with the help of a regulated business? Let us know in the feedback section below.
