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In a strategic collaboration, Binance Holdings Ltd. and Gulf Energy Development Pcl are set to launch a cryptocurrency exchange in Thailand early next year.
This follows the acquisition of licenses from the Thai Securities and Exchange Commission, with Gulf Binance Co. obtaining the regulatory nod on November 10, as disclosed in a stock exchange filing on Wednesday.
Binance Teams up with Thai Billionaire to Launch Crypto Exchange
The forthcoming platform is slated to debut as an invitation-only exchange, gradually expanding its accessibility to the general public. Binance, recognized as the largest cryptocurrency exchange, joins forces with Gulf Energy, one of Thailand’s prominent business entities.
The joint venture, established in early 2022 between Binance and Thai billionaire Sarath Ratanavadi’s Gulf Energy, solidified its regulatory foundation with the recent approval from the Thai SEC.
The move to launch a crypto exchange in Thailand comes amid Binance’s push for global expansion, despite the mounting regulatory scrutiny faced by the platform and its founder, Changpeng ‘CZ’ Zhao, in various jurisdictions.
The digital-asset sector has experienced increased regulatory pressure following a market downturn last year, leading to significant industry transformations.
Gulf Energy, helmed by Sarath Ratanavadi, the second richest person in Thailand with a net worth of approximately $10.6 billion according to the Bloomberg Billionaires Index, brings substantial financial backing and influence to the joint venture.
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