Once Convicted, Binance Cooperates With Energy Companies In Thailand To Establish Crypto Exchange Agency

Binance enters the crypto exchange business in Thailand. (photo: doc. pixabay)

JAKARTA – Binance, one of the world's largest cryptocurrency exchanges by trading volume, will set up a crypto exchange with Gulf of Thailand Energy Development (GULF.BK). This was confirmed by the two companies on Monday, January 17th.

Gulf Energy in its disclosure to the stock exchange said its agreement with Binance was in response to the rapid growth in digital asset infrastructure in Thailand. Meanwhile, Binance said it would regulate crypto exchanges and related businesses in the country.

“Our goal is to work with governments, regulators, and innovative companies to develop a crypto and blockchain ecosystem in Thailand,” said a Binance spokesperson, as quoted by Reuters. “The first step is to explore opportunities openly and collaboratively.”

Last year, Binance received a criminal complaint from Thailand's market regulator, the Securities and Exchange Commission (SEC) for operating a digital asset business without a license.

The Thai energy company has now diversified into new areas and last year became a major shareholder of Intouch Holdings Pcl, owner of the country's largest mobile phone operator, Advanced Info Service PCL.