Binance is launching an exchange in Thailand with a Thai energy mogul who’s worth $10.6 billion

Changpeng Zhao, CEO of Binance, speaks virtually at a crypto conference in Singapore. Joseph Nair—Bloomberg/Getty Images

The world’s largest crypto exchange continues to expand, despite ongoing regulatory trouble for it and its CEO, Changpeng Zhao.

Binance is partnering with Gulf Energy, one of Thailand’s largest private producers of energy, to launch an exchange in Thailand, according to an investor presentation from Gulf Energy for the third quarter of 2023. Sarath Ratanavadi is the majority shareholder and CEO of the Thai energy company and, with a net worth of approximately $10.6 billion, the nation’s second-wealthiest individual, per the Bloomberg Billionaires Index.

The third-quarter investor presentation said the new crypto exchange, dubbed Gulf Binance, obtained licenses to operate an exchange and brokerage in May, with plans…