Binance Intends to Launch a Regulated Crypto Exchange in Thailand

Changpeng Zhao-owned cryptocurrency exchange Binance has formed a joint venture with Thai billionaire Sarath Rathanawady’s Gulf Energy Development, which plans to apply for a cryptocurrency exchange license in the country.

According to the company’s letter to the Stock Exchange of Thailand, its subsidiary has invested in BNB tokens.

Gulf Energy has announced in another notice its Hong Kong subsidiary has participated in a $200 million seed funding round for Binance.US, the exchange’s US branch. However, the company has not specified the amount of the investment.

Per the statement:

“The company believes this multi-layered collaboration with Binance aligns with its goal of becoming a leader in digital infrastructure.”

Binance and Gulf Energy signed in January a memorandum of understanding (MoU) to explore the possibility of launching a cryptocurrency exchange in Thailand.