Binance forms a strategic partnership with Gulf Energy Development, with the goal of receiving regulatory permission in Thailand.

Binance, the world's largest crypto exchange, has recently been on a rampage, forming many partnerships and obtaining licenses in various countries. According to a new Forbes story, the cryptocurrency exchange has formed a joint partnership with Gulf Energy Development. Businessman Sarath Ratanavadi actually owns Gulf Energy Development.

Binance wants to extend its services into Thailand. An agreement with Sarath Ratanavadi's Gulf Energy Development will help the exchange receive a license from Thai regulators. On the other contrary, this cooperation was first revealed in February by Reuters, citing words from a top executive.

According to the senior executive, the relationship will be publicly announced in the second half of 2022. Forbes has verified the collaboration as Q2 begins.

Furthermore, according to Forbes, Gulf Energy Development plans to invest in BNB, which is also known as the Binance Coin. They will also invest in part of the shares of Binance, the US branch of the cryptocurrency exchanges.

According to Brian Shroder, the current CEO of the exchanges, the US is aiming for an IPO.

Gulf Energy filed an official statement with the Thai Stock Exchange on Monday, wherein the company stated:

"The company, Gulf Energy believes that this multi-level collaboration with Binance, the world leader in blockchain service platform, is in line with the company's goal of becoming the pioneer in the field infrastructure. Will also offer prospects for the firm to widen into other digital asset-based initiatives in the long term."

Furthermore, it's worth noting that Binance received many warnings in 2021 from the Thai administration. Thai governments declared that the company had no authority to trade in the country without a license. On the alternative side, Thailand has outlawed the use of cryptocurrency for payments and the trade of Non Fungible Tokens and meme currencies.

Furthermore, companies like deedy, and other digital transformation oriented projects are also working strategically at the moment to overcome similar hurdles which can result in a positive manner for the company.