Binance is looking to re-establish crypto exchange services in Thailand

Binance is looking to re-establish crypto exchange services and open a new branch in Thailand after signing an agreement with Gulf Energy Development PCL.

Binance eyes Thailand for latest crypto exchange expansion

Gulf Energy Development PCL is a Thai holding company run by billionaire Sarath Ratanavadi that focuses on the energy sector. According to the report, Gulf Energy has entered into a deal with the world’s largest cryptocurrency exchange based on the solid assumption that Thailand’s digital economy infrastructure will see “rapid growth” in the next few years.

The collaborative efforts between Gulf Energy, Binance, and the Thai government will focus on exploring Binance’s options in the Thai market, including opening an exchange and related businesses in the Kingdom.

A spokesperson for Binance told Reuters on Jan. 17, “Our goal is to work with government, regulators, and innovative companies to develop the crypto and blockchain ecosystem in Thailand.”

Thailand’s digital economy is poised to see more regulatory clarity for digital asset traders. The Thai government’s Department of Revenue director-general has made regulatory transparency a top priority this month after announcing a planned 15% capital gains tax on crypto trades on January 6. On January 9, the Thai Digital Asset Association requested clarification of the specifics of the tax based on concerns among domestic merchants that they might inadvertently violate the tax code.

Despite the positive developments, Thailand’s central bank has repeatedly issued warnings to commercial banks and local businesses about accepting cryptocurrencies as payment. Binance ended a criminal complaint from the Securities and Exchange Commission of Thailand (SEC) in July 2021. The complaint accused Binance of operating a digital asset business without a license and opened an investigation against the exchange.

The SEC stated that Binance ignored previous warnings as of April 2021 and falsely granted Thai nationals access to cryptocurrency trading on its website by matching orders or arranging for the counterparties or providing the system, or facilitating entry into an agreement.

Over 1.6M BNB removed in Binance’s first quarterly auto-burn

According to a blog post from Binance, the burn removed 1,684,387.11 BNB. At the time of writing, that’s $798,887,962 worth of tokens. 6296 of those tokens were burned ‘effectively’ through the Binance Pioneer Burn program, which counts BNB mistakenly deposited into a dead wallet. As the first automatic burn, this burn is not conducted manually through the revenue generation of the exchange. Instead, BNB was collected for disposal through the automatic recording mechanism of the Binance Smart Chain (BSC).

The autoburn mechanism automatically determines the amount of BNB to burn according to a formula based on the BNB price and the number of blocks produced during that quarter. It is set to replace manual stings going forward. The previous fire in October burned about 1.3 million BNB, worth about $640 million at the time. Binance plans to reduce the number of tokens to half of the initial supply – from 200 million to 100 million – through these burns.

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