Last year, Binance received a criminal complaint from the Thai SEC for operating without a license.
Thailand-based Gulf Energy Development Public Company has reached an agreement with cryptocurrency exchange Binance to explore avenues leading to the development of a digital asset trading platform and related businesses in the country.
A letter sent to the Thai Stock Exchange on Monday revealed an MoU struck between the two parties that would see Binance help advance blockchain technology and scale digital asset development in the country.
Gulf Energy is said to have banked its decision to complete the deal with Binance in the hope that the infrastructure around Thailand’s digital economy will proliferate in the coming years.
The firm explained that with a combination of its experience in building a network business and Binance’s cutting-edge technology in the exchange business, the local digital asset scene would benefit.
“The […] The company brings its expertise in doing business in the country with an unrivaled network of local real estate and financial sector companies, while Binance brings its leading exchange technology.” wrote the CEO of the company, Ms. Yupapin Wangviwat.
A Binance spokesperson has said that this is only the first to examine the opportunities available in the Asian country while maintaining openness and collaborative behavior.
“Our goal is to work with the government, regulators, and innovative companies to develop the crypto and blockchain ecosystem in Thailand.” the prayer He said Reuters Yesterday.
A haunting past in Thailand
Binance’s track record in Thailand is anything but clean. The Southeast Asian country was among those seeking the exchange last year to operate without a license. In July 2021, the Thai SEC filed a criminal complaint against Binance, reporting that the exchange had illegally exposed trading and exchange services through its website to Thai users.
However, by August, the exchange had stopped its activities in the country. An excerpt from an email to the bangkok daily playful wonders, “Binance currently has no exchange operations in Thailand, nor do we actively solicit Thai users.”
Binance explained that rather than a direct accusation, the SEC complaint letter only specified an investigation into the matter.
Thailand has been one of the most proactive countries in the world in regulating digital assets. Last month, the governor of the Bank of Thailand revealed plan to establish a crypto regulatory framework to reduce risks and improve investor protection.
More recently, the government forced a 15% tax requirement (miners and traders) on crypto profits this year.