Binance ties up with Bangkok Billionaire on Thai crypto Exchange

The agreement with Thai billionaire Sarath Ratanavadi s Gulf Energy Development PCL has been reached by Binance Holdings Ltd. to study a digital asset exchange in the Southeast Asian nation. According to a letter to the Stock Exchange of Thailand, the Memorandum of Understanding with Binance, the world's largest exchange by trading volume, is driven by the rapid growth of Thailand's digital infrastructure in the coming years. We apologize for the video, but it didn't load.

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A spokesman for Binance said it was the first step to explore opportunities in Thailand. Gulf Energy Development and the Thai stock exchange didn't respond immediately to requests for comment. The partnership marks the latest effort by Binance to institutionalize its global operations. The company received preliminary approval from Bahrain s central bank to be a service provider and signed a deal with the Dubai World Trade Centre Authority on virtual asset regulation last month. The founder of Binance, Changpeng Zhao, recently set up firm roots in the United Arab Emirates, where the company is looking to expand its footprint. Ratanavadi, an energy executive, has become a more active player in the financial technology space. In September, Advanced Info Service PCL, the largest Thai phone-service operator, formed a joint venture with Siam Commercial Bank PCL to offer digital financial products.