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
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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.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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