Binance signed a memorandum of understanding with Bangkok-based power company Gulf Energy Development to establish a digital asset exchange in Thailand, the Southeast Asian nation with a population of 70 million people.
Fast facts
- According to Gulf Energy’s letter to the Thai Stock Exchange on Monday, its local resources coupled with Binance’s exchange technology would “help Thailand advance its development of digital assets and blockchain infrastructure.”
- Binance is the world’s largest crypto exchange by trading volume and it has faced regulatory scrutiny from global regulators, including a criminal complaint from the Thai securities regulator last year.
- “Our goal is to work with government, regulators and innovative companies to develop the crypto and blockchain ecosystem in Thailand,” a Binance spokesperson told Forkast. “The first step is to explore opportunities in an open and collaborative manner.”
Read more: As Binance shrinks away in Asia, will it put down roots in the Middle East?
