Thailand based Gulf Energy partners with Binance for crypto exchange

Binance, crypto exchange, has entered an agreement with a Thailand Gulf Energy to launch a digital asset exchange. In a partnership, with Gulf Energy Development PCL, Binance is seeking to institutionalize its global operations, a Bloomberg report said. Gulf Energy is the company behind billionaire Sarath Ratanavadi.

The partnership is driven by the likely “rapid growth” of Thailand’s digital infrastructure in the coming years, a letter to the Stock Exchange of Thailand noted. “Our goal is to work with government, regulators, and innovative companies to develop the crypto and blockchain ecosystem in Thailand,” a Binance spokesperson said.

Criminal Complaint Still Remain

Last year, Binance exchange received a criminal complaint from the Thailand regulator, for operating without a license.

Thailand’s Securities and Exchange Commission (SEC) warned Binance in April 2021, over its unlicensed digital asset exchange business in a letter, but received no response. This led the regulator to file a criminal complaint with the Thai police.

“Binance does not currently have exchange operations in Thailand nor do we actively solicit Thai users,” a Binance spokesperson told the publication at that time.

Binance still holds more than 250,000 members on its Thai Binance Facebook group.

Thailand has been moving “slow and steady” when it comes to recognizing cryptos as a legal tender. The country has announced a selective ban on cryptocurrency trading, targeting meme coins such as Dogecoin, and Non-fungible tokens (NFTs). The nation is laying the groundwork to become a “crypto-positive” country. For instance, the government of Thailand said last week that it is furthering in regulating the local cryptocurrency ecosystem by introducing new tax rules.

The country has imposed a 15% capital gains tax on the profits from crypto trading.

In December, the Bank of Thailand had plans to create a cryptocurrency regulatory framework to minimize trading risks and enhance investor protection.