Binance is preparing to open a crypto exchange in Thailand early next year after winning licences from the Securities and Exchange Commission.
The exchange will be operated by Gulf Binance Co, a joint venture between the world’s largest crypto exchange and Gulf Innova, a subsidiary of SET-listed Gulf Energy Plc.
The venture obtained approval from the SEC on Nov 10, Gulf said in a filing to the Stock Exchange of Thailand late Wednesday.
The platform will initially be an invitation-only exchange before opening more widely to the general public.
Binance is the world’s largest crypto exchange but the platform and its founder Changpeng Zhao have come under increasing regulatory pressure in key jurisdictions, emblematic of a clampdown on the digital-asset sector since a rout last year that triggered major bankruptcies.
Gulf founder and chief executive officer Sarath Ratanavadi is the country’s second richest person with a net worth of about $10.6 billion, according to Bloomberg Billionaires Index.
Sarath Ratanavadi (Photo supplied)