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 & 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. BAM Trading Services Inc. is the operator of Binance US.
Gulf Energy also disclosed in a separate regulatory filing that they had invested an undisclosed amount into BNB, a native cryptocurrency of BNB Chain ecosystem. This was via a designated subsidiary it created for the purpose to invest in crypto assets.
Binance, the company said, will allow it to expand its investments and explore the digital asset market.
“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.
Gulf Energy and Binance Move to Get Licenses in Thailand
Binance and Gulf Energy have been partners since January 2022. Both companies formed a joint venture in Thailand to establish a digital platform for asset exchange.
This development is due to rising interest and demand in cryptocurrencies and other digital assets.
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.