Binance, the largest cryptocurrency exchange in the world, has recently started up, entering into multiple partnerships and obtaining licenses in various countries. Recently, a report from Forbes confirmed that the crypto exchange has created a joint venture with billionaire Sarath Ratanavadi’s Gulf Energy Development.
Binance will apply for a crypto broker license in Thailand
Binance is aiming to expand its operations in Thailand and by striking a deal with Sarath Ratanavadi’s Gulf Energy Development, the exchange is aiming to gain approval from Thai authorities. On the other hand, this partnership was reported for the first time in February by Reuters which quoted statements from a senior executive. The senior executive told Reuters the partnership will be officially declared in the second quarter of 2022 and Forbes confirmed the partnership early in the second quarter.
Additionally, according to Forbes, Gulf Energy Development aims to invest in BNB (popularly called the Binance Coin) and will also grab some of the shares of the US arm of the crypto exchange called Binance.US which is targeting an IPO. , according to the new CEO of the exchange, Brian Schroder.
the official deposit to Gulf Energy’s Thailand Stock Exchange came on Monday in which the company 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 goal of being the leader in digital infrastructure while offering the company new opportunities to expand into other digital asset related initiatives in the future.”
However, it is important to note that Binance received a lot of warnings in 2021 and the Thai government said the company was prohibited from operating in the country without a license. In contrast, Thailand has prohibits the use of crypto for payments and also prohibits trade in NFTs and meme coins in the nation.