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Cryptocurrency exchange Binance is launching a new exchange in Thailand after the Securities and Exchange Commission (SEC) filed a lawsuit against the company for operating without a license. Binance has now signed an agreement with Thai-listed company Gulf Energy Development to establish a cryptocurrency exchange in Thailand.
Binance and Gulf Energy to set up cryptocurrency exchange in Thailand
Thailand-listed Gulf Energy Development Corporation notified the Stock Exchange of Thailand (SET) on Monday that its wholly-owned subsidiary Gulf Innova has signed a memorandum of understanding with Binance Group to “jointly study the development avenues of digital asset exchanges and related fields. Doing in Thailand Business.”
The company added, “Thailand’s digital infrastructure is expected to grow rapidly as the economy is increasingly driven by innovation and technology, digital assets and related technologies in enhancing the efficiency of the country’s financial infrastructure to meet growing demand Playing a prominent role. Thai.”
Gulf Energy Details:
As such, the company’s partnership with Binance will help Thailand advance its digital assets and blockchain infrastructure.
Binance recently ran into trouble with the Thai Securities and Exchange Commission.Securities regulator Announce In July last year, it “has filed a criminal complaint with the Economic Crime Suppression Division of the Royal Thai Police (ECD).”
According to the SEC, Binance operates a cryptocurrency trading business without a license, so the company “may be subject to criminal sanctions.”
What do you think of Binance launching a cryptocurrency exchange in Thailand with the help of a regulated company? Let us know in the comments section below.
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