Binance partners with a Thai billionaire to create a local cryptocurrency exchange
Binance has teamed up with Gulf Innova, a subsidiary of Gulf Energy Development Public Company owned by Thai billionaire Sarath Rathanawady. The goal of cooperation is to create a local cryptocurrency exchange.
Gulf Energy announced this in an application to the Thai Stock Exchange. The filing states that the company foresees the “rapid growth” of Thailand’s digital infrastructure and that the partnership with Binance will help develop it.
Gulf Energy launched Gulf Innova last month to enter the digital asset market.
“Our goal is to work with the government, regulators and innovative companies to develop the crypto and blockchain ecosystem in Thailand,” Binance said.
Last month, the company received approval from the Central Bank of Bahrain as a crypto asset service provider. The exchange also recently signed an agreement with the Dubai World Trade Center Authority to establish a regulatory framework for digital assets.