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Thai energy company Gulf forays into crypto market via Binance tie-up

Move marks another step in broader efforts to diversity

Binance has no fixed headquarters and is barred from providing services in Singapore and the U.K.   © Reuters

BANGKOK -- Gulf Energy Development, one of Thailand's largest private power producers, is creating a joint venture with cryptocurrency trading platform Binance with the aim of entering the digital asset exchange business here.

Gulf and Binance will apply for a license after establishing the 51-49 venture under the deal announced Monday. Gulf also said it has invested $20 million to take an approximately 0.4% stake in Binance.US, which seeks an initial public offering in the next few years.

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