World’s leading crypto exchange by trading volume Binance is setting shop in Thailand according to its new partnership with Gulf Energy Development PLC. Binance has continued expanding its operations despite regulatory pressure from different countries.
Gulf Energy is a Thai holding company owned by billionaire Sarath Ratanavadi. Its portfolio includes electricity, steam, and chilled water generating companies and has lately been expanding to renewable energy, motorway projects, and telecommunications.
Rapid Growth of Crypto Industry Influences Gulf Energy and Binance Partnership
Both companies confirmed the news on Monday. In a report to the Bangkok stock exchange, Gulf Energy explained that the rapid growth of digital asset infrastructure in Thailand influenced its decision to partner with Binance.
Gulf Energy strongly believes the crypto industry will continue to expand in Thailand. The company established Gulf Innova, and its subsidiary focused on digital assets and blockchain infrastructure in Thailand. Gulf Innova entered into a memorandum of understanding with crypto exchange Binance.
Commenting on the partnership, a Binance spokesperson said that the exchange’s goal is to work with the Thai government, regulators, and innovators. The end goal is to develop the crypto and blockchain ecosystem in Thailand.
The Gulf Energy and Binance partnership is also an opportunity for the exchange to regain its foothold in the Thai market. Last year, Thailand’s Securities and Exchange Commission launched criminal complaints against Binance for unlicensed operations in the region. The penalty for such an offense in Thailand is between two to five years in prison and a fine of 500,000 baht. However, Binance defended itself by claiming it had not been actively soliciting users in Thailand.
Binance Completed 1.7M BNB Auto-Burn
It is worth noting that while Binance was announcing a new partnership with Gulf Energy, it was also completing its first-ever BNB auto-burn. The BNB auto-burn burns tokens based on the price of the token and the number of blocks produced during the quarter. Crypto exchange Binance got rid of 1.68 million tokens worth around $800 million.
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