BANGKOK, (Reuters) – Binance, the largest cyrptocurrency trading platform in the world, announced Monday that it will establish a crypto-exchange with Gulf Energy Development of Thailand.

Gulf Energy disclosed to the stock exchange that it had reached an agreement with Binance in response to Thailand’s rapid growth of digital assets infrastructure.

Binance claimed it would establish the nation’s cryto market and associated businesses.

Binance spokeswoman said that “Our goal was to work together with regulators, innovative companies and government to develop crypto and blockchain ecosystems in Thailand.”

“The first step in exploring opportunities is to do so openly and collaboratively.

Binance was charged last year by the Securities and Exchange Commission of Thailand for running a business that did not have a license.

Thai energy giant has expanded into new markets and became a major shareholder in Intouch Holdings Pcl last year, which is the owner of Advanced Info Service PCL, the country’s biggest cellphone operator.