While Binance, the world’s largest crypto exchange in terms of trading volume, has been commissioned to appease the British regulator that banned it from operating in the country last summer, it continues to try to expand into more target markets. Now on target: Thailand. The binaries joined billionaire Sarath Ratanavadi’s Gulf Energy Development Corporation to examine the establishment of a crypto exchange in the Asian country.
The parties sent a joint letter to the Thai Stock Exchange on the subject, which was published in Bloomberg, in which the corporation explained that the memorandum of understanding with Binance rests on the expectation of accelerated growth in the country’s digital infrastructure in the coming years. Binance told the news agency that this was a first step to examine business opportunities there.
Binance at a stage when it is trying to make its activities more institutionalized, in the sense of recognizing and receiving the blessing of the way from the institutionalized financial entities – and not just operating in any country where it is licensed. Against this background the contacts are also made in Thailand.
Thus, among other things, the Central Bank of Bahrain recently approved the company as a provider of services in the field of crypto assets to the citizens of the country. Binance also signed an agreement with the management of the free trade area in Dubai regarding regulation of virtual assets. Changfeng Zhao, the CEO of the stock exchange has just settled in the Emirates.
Rattenbadi, for his part, is identified with the energy business, but is gaining a foothold in the fintech fields. In September, Thailand’s largest cellular company, Advanced Info Service, which owns its chain Gulf Energy, set up a joint venture with Siam Commercial Bank to offer digital financial products.
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