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

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

The platform will initially be an invitation-only exchange before opening more widely to the general public.

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 $10.6 billion, according to Bloomberg Billionaires Index.