cryptoknowmics.com
Gulf Energy Development, a Thai public corporation, announced Monday that its wholly-owned subsidiary Gulf Innova has signed a Memorandum of Understanding with Binance Group to ‘jointly research prospects for the development of digital asset exchange and related business in Thailand.’
'As the economy increasingly becomes driven by innovation and technology, with digital assets and related technology playing a key role in enhancing the efficiency of financial infrastructure in the country to satisfy the increasing demand of Thai people,' the business noted.
Gulf Energy detailed:
“As such, the company’s partnership with Binance will help Thailand advance its development of digital assets and blockchain infrastructure.”
Binance was recently fined by the Thai Securities and Exchange Commission. In July of last year, the securities regulator said that it had ‘submitted a criminal complaint against Binance’ with the Royal Thai Police's Economic Crime Suppression Division (ECD).
Binance operates a crypto exchange business without a license, according to the SEC, and is, therefore ‘vulnerable to criminal penalties.’