- The Gulf Innova company signed an MOU with Binance to set up a new digital asset exchange.
- The pair will jointly study avenues to improve digital infrastructure in the Southeast Asian nation.
- A Binance spokesperson said “it’s the first step” to exploring opportunities in Thailand.
Binance Holdings Ltd. has struck a deal with Thai billionaire Sarath Ratanvadi’s Gulf Energy Development PCL to study a digital asset exchange in the Southeast Asian nation.
The Gulf Innova company, subsidiary of Gulf Energy Development, said that the memorandum of understanding with leading crypto exchange Binance aimed to explore avenues to set up a new digital asset exchange. The pair state that they will jointly work to develop digital infrastructure in Thailand as the economy heavily depends on innovation and technology.
The company also mentioned that digital assets and related technology have a high potential in improving the efficiency of financial infrastructure in the country to fulfill the increasing demand of Thai people.
A Binance spokesperson referred to the partnership as its first step to exploring opportunities in Thailand. This collaboration marks Binance’s latest effort to institutionalize its global operations.
In July last year, the Thailand SEC filed a criminal complaint against Binance for operating a digital asset business in Thailand without a license. After regulatory issues, Binance hopes that the deal with Gulf Innova would help the exchange establish a presence in Thailand.
Binance is currently the world’s largest cryptocurrency exchange by trading volume, facilitating over $12 billion of transactions over the past 24 hours. Changpeng Zhao, the company’s CEO reportedly, has an estimated worth of $96 billion, making him one of the wealthiest people in the world.