Binance intends to expand its cryptocurrency trading services in Thailand with a new partnership
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Binance intends to expand its cryptocurrency trading services in Thailand with a new partnership
Reuters sources reported on Friday that Binance is in the final stages of forming a joint venture with Thailand-based Gulf Energy Development Plc, which specializes in energy production.
Both parties wish to establish a platform for cryptocurrency trading in the country.
Both companies are now making a decision on the business model and other agreements such as the ability to contribute to the joint venture.
Yubabin Wangviwat, chief financial officer of Gulf Energy, said:
Once you have finished the talks with Binance about the business model and shareholder agreements.
A JV will be formed, which will apply for licensing from the regulators.
Read:63 Central Banks Collaborated on a New Payment System…What Does This Mean for Ripple?
Cryptocurrency exchanges in Thailand are strictly regulated.
Now, only a few major regulated players operate in the local market as many trading platforms have been shut down over the years.
Binance and its local partners are now seeking an appropriate commercial license for their joint venture, which they expect to obtain in the next six months.
Once the joint venture receives approval, it will unveil its detailed services and features.
Binance’s Expansive Approach:
Interestingly, last year the Securities and Exchange Commission of Thailand (SEC) charged Binance with criminal charges for illegally providing services in the country without any local license.
Which prompted Binance to exit the Thai market, but the global giant has now found another way to profit from retail investors in Thai cryptocurrencies.
Binance’s strategy of partnering with a local giant to enter the market is not new.
In December last year, reports emerged that the cryptocurrency exchange was in talks with two of Indonesia’s largest companies, PT Bank Central Asia and PT Telkom to form a similar joint venture and set up a locally operated cryptocurrency exchange.
Read:KuCoin prepares to launch futures platform (KuMEX) with 20x leverage
Meanwhile, Gulf Energy is betting heavily on digital services, which is why it is actively seeking to partner with Binance to launch crypto trading services.
Read also:
After Hacking and Exploiting… Solana Wormhole Recovers 120,000 Ethereum
In its quest for the success of the Bitcoin initiative… El Salvador publishes 1,500 Bitcoins from ATMs and restarts the “Chivo” wallet
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time