Binance strikes a joint venture with Gulf Energy Development: Aims for approval in Thailand
Binance, the world's biggest cryptocurrency exchange, has been on a roll recently, striking multiple partnerships and getting licensed across various nations. Recently, a report from Forbes confirmed that the crypto exchange has struck a joint venture with billionaire Sarath Ratanavadi’s Gulf Energy Development.
Binance to apply for a crypto broker license in Thailand
Binance aims to expand operations into Thailand and by striking a deal with Sarath Ratanavadi’s Gulf Energy Development, the exchange aims to get approval from the authorities in Thailand. On the other hand, this partnership was first reported in February by Reuters which cited the statements from a senior executive. The senior executive told Reuters that the partnership will be officially declared in the second quarter of 2022 and Forbes has confirmed the partnership as Q2 kicks off.Furthermore, as per Forbes, Gulf Energy Development aims to invest in BNB (popularly called the Binance Coin) and also will grab some of the stocks of the US arm of the crypto exchange which goes by the name Binance.US which aims for an IPO, as per the new CEO of the exchange, Brian Shroder.
Regulatory filing
The official filing to the Stock Exchange of Thailand from Gulf Energy came on Monday in which the firm said:"The company [Gulf Energy] believes that this multi-level cooperation with Binance, which is the global leader in blockchain infrastructure technology, is aligned with the company’s target to be the leader in digital infrastructure while providing further opportunities for the company to expand into other digital asset-related initiatives in the future."However, it is important to note that Binance got a lot of warnings in 2021 and the Thailand government said that the firm had no right to operate in the nation without a license. On the other hand, Thailand has banned the usage of crypto for payments and also banned the trading of NFTs and meme coins in the nation.
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