Binance, Thai billionaire to start crypto exchange next year

A JOINT venture between Binance Holdings and Gulf Energy Development plans to roll out a crypto exchange in Thailand next year after winning licences from the nation’s regulator.

Gulf Binance obtained approval from the Thai Securities and Exchange Commission on Nov 10 to commence operations, according to a stock exchange filing late on Wednesday (Nov 15). 

The platform will initially be an invitation-only exchange before opening more widely to the general public. The launch is expected in January, according to a Gulf Energy presentation. Previous filings showed Gulf Energy owns a 51% stake in the joint venture, while Binance holds the remainder. 

Binance is the largest crypto exchange but the platform and its founder Changpeng ‘CZ’ Zhao have come under increasing regulatory pressure in key jurisdictions, emblematic of a clampdown on the digital-asset sector after a rout last year that triggered major bankruptcies.

Gulf Energy is one of Thailand’s largest businesses, whose founder and chief executive officer Sarath Ratanavadi is the country’s second-richest person with a net worth of about US$10.6 billion, according to Bloomberg Billionaires Index. BLOOMBERG