Binance has teamed up with Gulf Innova Company — a wholly-owned subsidiary of Thailand billionaire Sarath Ratanavadi's Gulf Energy Development Public Company — to set up a crypto exchange in the country.
Gulf Energy announced the news in a letter to the Stock Exchange of Thailand on Monday, saying that it foresees "rapid growth" in Thailand's digital infrastructure and that Binance's partnership will help develop that infrastructure.
Gulf Energy established Gulf Innova last month to enter the digital infrastructure industry. At the time, the company said it will jointly invest with partners and combine the expertise of each party to build a digital platform in the future.
As for its partnership with Binance, Gulf Energy said it will bring its expertise in setting up a business in the country with a network of local corporates, and Binance will bring its exchange technology.
A Binance spokesperson told The Block that the partnership is "the first step" to exploring opportunities in Thailand. "Our goal is to work with government, regulators, and innovative companies to develop the crypto and blockchain ecosystem in Thailand," said the spokesperson.
Binance has taken several steps in recent months to globalize its operations. Last month, the company received in-principle approval from the Central Bank of Bahrain to be a crypto-asset service provider in the country. It also recently signed a deal with the Dubai World Trade Centre Authority to help it establish a crypto regulatory framework.