Thailand’s Gulf Energy Development Public Company Ltd. recently announced that it had made a significant investment in the US affiliate of the leading cryptocurrency exchange, Binance.
Gulf Invests in Binance US and BNB
According to a regulatory filing with the Thailand Stock Exchange today, the Thailand-based energy company revealed that it had invested in “Series Seed Preferred Stock” through its wholly-owned subsidiary, Gulf International Investments Limited. The assets are issued by BAM Trading Services Inc., the operator of Binance US.
In a separate regulatory filingGulf Energy also revealed that it had invested an undisclosed amount in BNB, the native cryptocurrency of the BNB Chain ecosystem, via a designated subsidiary it has been established for the purpose of investing in crypto assets.
The company noted that its partnership with Binance will create more room for it to explore the digital asset industry and expand the scope of its investments.
“The company believes that this multi-level cooperation with Binance, which is the global leader in blockchain infrastructure technology, is aligned with the company’s target to be the leader in digital infrastructure while providing further opportunities for the company to expand into other digital asset- related initiatives in the future,” Gulf Energy said in the filing.
Binance and Gulf Energy Move to Obtain Licenses in Thailand
The partnership between Binance and Gulf Energy dates back to January 2022. Both companies have now formed a joint venture primarily to establish a digital asset exchange platform in Thailand.
The development comes amid surging interest and demand for cryptocurrencies and other forms of digital assets in the country.
Gulf Energy pointed out that its joint venture with Binance will push for a license from the country’s financial regulator to run its crypto exchange, in addition to other licenses with the relevant agencies.
Binance has been attempting to establish itself in the Thai digital asset market, but its efforts have been limited due to stringent regulatory requirements imposed by the country’s financial regulators.
The exchange previously had issues with Thailand’s Securities and Exchange Commission (SEC) after the regulator filed a criminal complaint against Binance for offering its services to Thai residents without a license.