Binance has entered into a joint venture with Thai billionaire Sarath Ratanawadee’s Gulf Energy Development. Now it is planned to apply for licensing a cryptocurrency exchange in the country.
Based letters firm to the Stock Exchange of Thailand, its subsidiary invested in BNB tokens.
In another notice, Gulf Energy informed that the Hong Kong subsidiary took part in $200M Binance.US Seed Funding Round. The total amount of investments is not reported.
“The company believes that this is a multi-level cooperation with Binance […] is consistent with its goal of becoming a leader in digital infrastructure,” the statement said.
A Memorandum of Understanding between Binance and Gulf Energy was signed in January 2022 to explore the possibility launching a crypto exchange in Thailand.
According to the publication Forbes, one of the largest electricity producers in the country, is actively diversifying its portfolio. In October 2021, Gulf Energy signed an agreement with Singaporean telecommunications giant Singtel to grow its data center business in Thailand. A few months earlier, the Thai firm had acquired a stake in the largest mobile operator.
You also need to take into account that the Thai regulator recommended to businesses from April 1, 2022 stop accepting payments in cryptocurrencies.