Bangkok Billionaire Taps Binance For New Crypto Exchange



Share this article

Thai billionaire Sarath Ratanavadi’s has entered into a partnership with Binance to set up a local crypto exchange in the country.

Binance Helps Build Thai Crypto Exchange

A Thai billionaire and Binance want to start a new crypto exchange.

In a letter to the Stock Exchange of Thailand on Monday, the Gulf Innova Company announced that it had entered into a partnership with leading cryptocurrency exchange Binance. The pair state that they will work together to “jointly study avenues for the development of digital asset exchange and related business in Thailand.”

The Gulf Innova Company is a subsidiary of Gulf Energy Development PCL, a Thailand-based company primarily engaged in the energy sector. The firm is owned by self-made billionaire Sarath Ratanavadi, who, according to Forbes, has a current net worth of $12.9 billion.

Last month, the Gulf Innova subsidiary was set up for the company to enter into the digital infrastructure industry. In the memorandum announcing its cooperation with Binance, Gulf Innova explained its reasoning for the move, stating:

“The company foresees rapid growth in digital infrastructure in Thailand as the economy increasingly becomes driven by innovation and technology, with digital assets and related technology playing a prominent role in improving efficiency of financial infrastructure in the country to meet the increasing demand of Thai people.”

For Binance, the partnership with Gulf Innova will help the exchange find a foothold in Thailand after regulatory issues last summer. In July, the Securities and Exchange Commission in Thailand charged Binance for operating an unlawful exchange in the country. By August, Binance had stopped serving customers in Thailand, telling the Bangkok Post, “Binance does not currently have exchange operations in Thailand, nor do we actively solicit Thai users.”

Binance is currently the world’s biggest cryptocurrency exchange by trading volume, facilitating over $12 billion of transactions over the past 24 hours. The company’s CEO Changpeng Zhao is estimated to be one of the wealthiest people in the world, with a net worth of over $92.7 billion.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Layer 1 Coin Oasis Surges on DeFi Growth, Binance Support

Oasis Network’s DeFi ecosystem has crossed $100 million in total value locked, and its ROSE token is soaring. Oasis DEX YuzuSwap Leads DeFi Ecosystem  Oasis Network, a Proof-of-Stake Layer 1…

PeckShield Says It’s Found 55 Rogue Projects on Binance Smart Ch…

Security firm PeckShield has put out a list of 50 potential scam projects on Binance Smart Chain. PeckShield Identifies Suspicious BSC Projects PeckShield has published a list of 55 “rug-potentials” on…

What Is The Crypto Volatility Index?

The Crypto Volatility Index (CVI) is a decentralized solution used as a benchmark to track the volatility from cryptocurrency option prices and the overall crypto market.

Binance Faces Regulatory Issues in Cayman Islands, Thailand

The world’s largest crypto exchange has come under fresh scrutiny in Thailand and the Cayman Islands. Binance now faces regulatory challenges in six countries.  Binance Under Fire Around World Regulators…


Source link

You might also like
Leave A Reply

Your email address will not be published.