It’s not the first time the exchange has sought to partner with billionaires in Asia as part of its global expansion plan.
The world’s largest cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange, Binance and a Thai billionaire are discussing plans to set up a exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. of digital assets in that country.
As reported by several news outlets, Binance partnered with the Thailand-based energy company, Gulf Energy Developmentowned by Thai billionaire Sarath Ratanavadi. The agreement will study the development of a new cryptocurrency exchange in the Southeast Asian country.
Gulf Energy Development reported on the partnership on Monday in a carta sent to the Stock Exchange of Thailand. In the notice, the firm said it anticipates a “ rapid growth of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. infrastructure “in the country’s digital infrastructure, where cryptocurrencies will play a “ leading role “. They added that the partnership with Binance will help develop that infrastructure.
Exploring opportunities in Thailand
A spokesman for Binance added to the news media that the agreement marks “ the first step The company’s “The Company to explore opportunities in Thailand. Reuters quoted the representative’s statements:
Our goal is to work with the government, regulators and innovative companies to develop the crypto and Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. ecosystem in Thailand.
According toThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.the deal with the cryptocurrency exchange comes shortly after it Gulf Energy to establish a new division, called Gulf Innova, last month as part of an effort to enter the digital infrastructure industry. At the time, the company said it plans to invest investing is when you put money in a financial scheme with the intent of making a gain. jointly with partners and combine each party’s expertise with the goal of building a digital platform a place to buy, sell and store cryptocurrency in the future.
Meanwhile, billionaire Ratanavadi, a Thai energy executive, is no stranger to the financial technology space. As reported by Bloomberg ,Advanced Info Service PCLthe largest Thai telephone operator in Thailand, in which it Gulf Energy has an indirect shareholding, formed a joint venture in September of last year with Siam Commercial Bank PCL to offer digital financial products.
Thailand has been making significant strides in the area of digital assets. Last year, the country’s authorities announced a new digital currency, as well as a token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. no fungible in cryptocurrency, fungibility is when a coin or token can be replaced by any other identical coin or token. (NFT) para boosting tourism in the region . They have also implemented new tax policies for crypto as more local companies become interested in the sector.
Binance seeks to expand its global operations
The news also comes a few months after Binance received several warnings from regulators in countries around the world throughout 2021 for not having the required registrations to operate. Among those, the Securities and Exchange Commission of Thailand (SEC). filed a criminal complaint against the exchange in July alleging that the company was operating an unlicensed business. Binance stopped serving Thai customers, as well as operating in that country in August, as a result of regulators’ actions.
In recent months, Binance has been seeking to meet the requirements of regulatory bodies to continue expanding its operations. In December, the company received approval from the Central Bank of Bahrain to operate as a cryptocurrency service provider in that country. It has also cooperated with the Canadian authorities to continue operating in Ontario.
Esta is not the first time that Binance seeks to partner with billionaire businessman in Asia for expansion efforts . Last month, the company was met with the billionaire brothers Budi and Michael Hartono owners of Bank Central Asia (BCA) in Indonesia, with similar intentions of establishing a crypto exchange in that nation. The Hartono’s are the wealthiest family in the country.
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Article versioned by Hannah Estefania Perez / DiarioBitcoin
Image from Unsplash edited in Canva