Binance has formed a joint venture with Thai billionaire Sarath Rathanawady’s Gulf Energy Development to apply for a cryptocurrency exchange license in the country.

According to the firm’s letter to the Thai Stock Exchange, its subsidiary has invested in BNB tokens.

In another announcement, Gulf Energy announced that its Hong Kong subsidiary has participated in a $200 million seed funding round for Binance.US, the amount of the investment was not disclosed.

“The company believes this is a multi-level collaboration with Binance. […] It is consistent with its goal of being a leader in digital infrastructure”.

In January, Binance and Gulf Energy signed a memorandum of understanding to explore the possibility of launching a crypto exchange in Thailand.

Forbes noted that one of the largest electricity producers in the country is actively diversifying its portfolio. In October 2021, Gulf Energy signed an agreement with Singaporean telecommunications giant Singtel to expand its data center business in Thailand. A few months ago, the Thai firm bought a stake in the largest mobile operator.

Recall that from April 1, 2022, the Thai regulator recommended that businesses not accept payments in cryptocurrencies.