Binance has entered into a joint venture agreement in collaboration with billionaire Sarath Ratanavadi’s Gulf Energy Development to set up a crypto exchange in Thailand.
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- Once the joint venture is established, it will apply for a digital asset exchange license with relevant agencies, Gulf Energy said in a regulatory filing on Monday.
- The pair announced the joint venture plan back in January, with Gulf Energy saying the deal could “help Thailand advance its development of digital assets and blockchain infrastructure.”
- While Thailand has banned cryptocurrency payments, financial authorities in February backtracked on plans for a 15% tax on crypto assets following a public outcry.
- Gulf Energy has invested in “Series Seed” preferred stock issued by BAM Trading Services Inc., which operates Binance.US, according to a separate filing by the Thai firm on Monday.
- Binance, the world’s largest crypto exchange by trading volume, has faced regulatory scrutiny from global regulators, including a criminal complaint from the Thai securities regulator last year.
- Binance last week announced it has won an in-principle approval in Abu Dhabi to operate as a virtual assets broker-dealer, following two licenses obtained in Bahrain and Dubai last month.
See related article: Thailand bans Bitcoin and crypto payments