Binance to Launch New Cryptocurrency Exchange in Thailand After Thai SEC Filed Criminal Complaint
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 has now signed an agreement with Gulf Energy Development, a Thai public company, to establish a crypto exchange in Thailand. Binance and Gulf Energy to Establish a Crypto Exchange in 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.”
Gulf Energy detailed: As such, the company’s partnership with Binance will help Thailand advance its development of digital assets and blockchain infrastructure.
Binance recently got into 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.” Tags in this story Binance, binance bangkok, binance crypto exchange, binance thailand, binance thailand crypto, Gulf Energy, Gulf Energy binance, Gulf Energy crypto exchange
What do you think about Binance launching a crypto exchange in Thailand with the help of a regulated company? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Crypto Exchange Bitfinex Stops Servicing Ontario Customers, Asks Users to Withdraw Funds EXCHANGES | 3 days ago Coinbase Acquires Fairx Exchange to Make Derivatives Market Approachable for Millions of Retail Customers EXCHANGES | 5 days ago
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