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Binance Partners With Gulf Energy Development To Establish Crypto Exchange in Thailand


coingape.com 28 January 2022 10:33, UTC
Reading time: ~4 m

Binance, which is one of the leading crypto exchanges around the world, has recently announced that it has started a new partnership with Gulf Energy Development. With the new partnership, the parties will work on the establishment of a new digital asset trading platform in Thailand.

According to the statement made by Gulf Energy, the recent agreement with one of the largest crypto exchanges in the world is a way for them to keep up with the rapid growth of the cryptocurrency market in the country.

According to the representatives of the company, the two sides will work on studying the opportunities in the country in terms of future crypto development. As for Binance, it seems the partnership is the first step in exploring cryptocurrency trading opportunities in the country.

According to Binance, they will work with different groups to establish a crypto and blockchain system that fits the demands of Thailand’s market perfectly. This way, the crypto giant hopes to create a service that perfectly fits the demands of the local crypto enthusiasts.

The cryptocurrency trading market has become increasingly popular in Thailand. The younger, tech-savvy generation of the country is especially interested in the market. The country has become largely positive in terms of crypto and the market is thought to have a huge future in Thailand.

The partnership between one of the leading crypto exchanges around the world and the Gulf Energy Group can be quite important for the further development of the cryptocurrency trading market in Thailand.

Gulf Energy Partnership – How Will It Work?

Gulf Energy is among the largest power producers in Thailand. It has been working on different types of innovative ideas over the past few years, while also working on the diversification of its portfolio. A few months back, the company announced that it would be partnering with Singtel, which is a leading telecom in Singapore to create and develop a new data center in Thailand.

In short, Gulf Energy has been discovering different types of industries over the past few years and the cryptocurrency market seems to be a great opportunity for investment.

The new partnership with Binance will be the first time for Gulf Energy to take part in the cryptocurrency trading market. According to Gulf Energy, the decision about the partnership was made due to the increasing popularity of the cryptocurrency industry in the country and the massive demand of the country’s population for crypto services.

The cryptocurrency market has been growing rapidly in the country, with the demand for high-quality crypto services skyrocketing. A few months ago, Siam Commercial Bank, which is one of the leading banks of the country, announced to have acquired as much as 51 percent of local crypto exchange, Bitkub.

Due to the massive increase of cryptocurrency market popularity, the financial authorities of the country have announced that they have started working on new regulations to ensure the higher safety of the market. Earlier, the representatives of Thailand’s central bank have noted that they were working on new ideas to regulate cryptocurrencies and their usage as payment. The central bank said that this was needed to ensure the safety of individuals.

Binance – A Leading Crypto Exchange

Binance, which was established in 2017, has recently managed to become one of the leading cryptocurrency exchanges around the world. The company has grown a lot, offering services to crypto traders in many different countries.

While the recent decision of Binance to partner up with Gulf Energy is aimed at exploring Thailand’s crypto market, this is not the first time for Binance to deal with the country. In fact, Binance had some issues with the country’s financial regulator due to its operation in the country without owning a license.

According to Thailand’s laws, the offense carries a penalty of two to five years in prison, as well as a fine of up to 500,000 baht. However, Binance’s representatives have noted that they did not actively accept users in the country.

Although Binance was established in 2017, the cryptocurrency exchange has already managed to become one of the leaders in the market. It offers traders access to over 1300 trading pairs, which makes crypto trading a lot easier for traders of all different interests. The cryptocurrency exchange also offers traders both manual and automated trading to ensure that traders of all interests can find something that fits their individual needs.

Binance has been working on offering its services to countries around the world for a long time now. The recent partnership of the company with Gulf Energy acts as another step for Binance to attract more clients from different countries around the world.

If the partnership between the two companies is successful, it would provide the population of the country with high-quality and effective services, which could further support the future growth and development of the cryptocurrency market.

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