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Binance to Launch New Cryptocurrency Exchange in Thailand After Thai SEC Filed Criminal Complaint

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Crypto exchange Binance is launching a new exchange in Thailand after the country’s Securities and Exchange Commission (SEC) filed a complaint against the company for operating without a license. Binance has now signed an agreement with Gulf Energy Development, a Thai public company, to establish a crypto exchange in Thailand.

Binance and Gulf Energy to Establish a Crypto Exchange in Thailand

Gulf Energy Development, a Thai public company, notified the Stock Exchange of Thailand (SET) Monday that its wholly owned subsidiary Gulf Innova has entered into a Memorandum of Understanding with Binance Group “to jointly study avenues for the development of digital asset exchange and related business in Thailand.”

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The company added that it “foresees rapid growth in digital infrastructure in Thailand as the economy increasingly becomes driven by innovation and technology, with digital assets and related technology playing a prominent role in improving efficiency of financial infrastructure in the country to meet the increasing demand of Thai people.”

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Gulf Energy detailed:

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As such, the company’s partnership with Binance will help Thailand advance its development of digital assets and blockchain infrastructure.

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Binance recently got into trouble with the Thai SEC. The securities watchdog announced in July last year that it “has filed a criminal complaint against Binance” with the Economic Crime Suppression Division of the Royal Thai Police (ECD).

According to the SEC, Binance operated a crypto exchange business without a license, therefore the company is “liable to criminal sanction.”

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