Binance to Set Up Crypto Exchange With Thailand's Gulf Energy Development

Gulf Energy Development says it foresees "rapid growth in digital infrastructure" in the country.

AccessTimeIconJan 17, 2022 at 2:53 p.m. UTC
Updated May 11, 2023 at 4:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Binance has agreed to set up a cryptocurrency exchange with Thailand's Gulf Energy Development.

  • Gulf Energy Development, a publicly traded holding firm, informed the Thai Stock Exchange Monday that its subsidiary Gulf Innova is to study developing a digital asset exchange with Binance.
  • Gulf Energy Development says it foresees "rapid growth in digital infrastructure" in the country, in which crypto will play a "prominent role" in meeting the demands of the Thai people.
  • "Our goal is to work with government, regulators and innovative companies to develop the crypto and blockchain ecosystem in Thailand," a Binance spokesperson said, according to a report by Reuters.
  • Thailand was one of a large number of countries in which Binance received a regulatory reprimand last year on grounds of it offering services for which it was not authorized. Thailand's Securities and Exchange Commission (SEC) filed a criminal complaint against Binance, claiming it was operating an unlicensed digital asset business.
  • Key Events You Shouldn't Miss at Consensus 2024
    02:13
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    11:19
    What to Expect From Consensus 2024
  • Will Solana and Altcoins Dominate the Market Next?
    13:29
    Will Solana and Altcoins Dominate the Market Next?
  • What's Next for FIT21?
    07:15
    What's Next for FIT21?

  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.