As part of a deliberate effort to obtain exposure to the digital asset sector, Thailand-based Gulf Energy has made significant investments in cryptocurrency exchange Binance US and highlighted its pursuit of a partnership with the global Binance exchange.
In a regulatory filing on April 18, Gulf Energy disclosed its investment in “Series Seed Preferred Stock issued by BAM Trading Services Inc.”, the operator of Binance US. Gulf Energy’s investment in Binance US gives it access to “one of the world’s fastest user scale-up exchanges” well ahead of the exchange’s scheduled initial public offering, according to the company. Changpeng Zhao, the CEO of Binance, a worldwide cryptocurrency exchange, disclosed in July 2021 that the business was considering a public offering.
In a separate filing on Monday, Gulf Energy reported that it is pursuing a “joint venture” with Binance to run a cryptocurrency exchange in Thailand. The newly created organisation will apply for digital asset licences with the appropriate authorities once the joint venture is founded. Gulf Energy’s report also revealed investments in Binance Coin (BNB), the Binance ecosystem’s native crypto asset.
Gulf Energy and Binance have been collaborating for several months as Binance attempts to re-establish operations in the Southeast Asian country. In July 2021, Thailand’s securities regulator charged Binance for illegally conducting a digital asset company in the country. Several additional governments, including Japan, the United Kingdom, Germany, the Cayman Islands, and the Canadian state of Ontario, investigated Binance.
While still in its infancy, Thailand’s crypto business is beginning to take shape as authorities seek to clarify the asset class’s regulatory framework. Following regulatory criticism, Thailand’s Revenue Department recently cancelled a planned 15% tax on crypto capital gains.
Read more: Gulf Energy will invest in crypto assets through newly formed subsidiary
