16-11-2023 (BANGKOK) In a strategic move, a joint venture between Binance Holdings Limited and Gulf Energy Development Public Company Limited is set to introduce a cryptocurrency exchange in Thailand early next year. The collaborative effort, known as Gulf Binance Co, secured approval from the Securities and Exchange Commission (SEC) of Thailand on November 10, paving the way for operational commencement, as revealed in a stock exchange filing late Wednesday.
The platform is poised to initiate as an invitation-only exchange, gradually expanding its accessibility to the wider public in subsequent phases. Binance, recognized as the largest cryptocurrency exchange globally, is at the forefront of the digital asset sector. However, both the platform and its founder, Changpeng ‘CZ’ Zhao, have encountered escalating regulatory challenges in key jurisdictions. This regulatory scrutiny is emblematic of a broader clampdown on the digital asset industry, triggered by a significant market downturn last year leading to major bankruptcies.
Gulf Energy Development, a prominent entity in Thailand, has achieved approval for this groundbreaking venture. The founder and CEO, Sarath Ratanavadi, stand as the country’s second-richest individual, boasting a net worth of approximately US$10.6 billion, according to the Bloomberg Billionaires Index.
