A joint venture between Binance Holdings Ltd and Gulf Energy Development Pcl is set to introduce a cryptocurrency exchange in Thailand early next year, following regulatory approval.
Gulf Binance Co received the green light from the Thai Securities and Exchange Commission on November 10 to commence operations, as revealed in a late Wednesday stock exchange filing.
The platform will initially operate as an invitation-only exchange before opening to the general public, with the anticipated launch in January, according to a presentation by Gulf Energy. Previous filings indicated that Gulf Energy held a 51% stake in the joint venture, while Binance owned the remaining share.
Despite being the largest cryptocurrency exchange globally, Binance and its founder, Changpeng “CZ” Zhao, are facing increasing regulatory scrutiny in key jurisdictions, reflecting a broader crackdown on the digital asset sector following a significant market downturn last year that led to major bankruptcies.
Gulf Energy, one of Thailand’s prominent businesses, is led by founder and CEO Sarath Ratanavadi, the country’s second wealthiest individual with a net worth of approximately US$10.6 billion, according to the Bloomberg Billionaires Index.