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 operating without a license. Binance, a Thai government company, has signed an agreement to set up a cryptocurrency exchange in Thailand with Gulf Energy Development.
Binance and Gulf Energy Set Up a Crypto Exchange for Thailand
Gulf Energy Development, a Thai public company, notified the Stock Exchange of Thailand (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 “foresees rapid growth in digital infrastructure in Thailand as the economy increasingly becomes driven by innovation and technology, with digital assets and related technology playing a prominent role in improving efficiency of financial infrastructure in the country to meet the increasing demand of Thai people.”
As such, the company’s partnership with Binance will help Thailand advance its development of digital assets and blockchain infrastructure.
Recently, Binance was in trouble with the Thai SEC. 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 sanction.”
How do you feel about Binance opening a cryptocurrency exchange in Thailand? Comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.