Thailand-based Gulf Energy has made strategic investments in cryptocurrency exchange Binance US and has signaled its intention to create a joint venture with global exchange Binance, as part of an effort to gain exposure. in the digital asset market.
Gulf Energy revealed in a regulatory filing on April 18 that it invested in “Series Seed Preferred Stock issued by BAM Trading Services Inc.”, which is the operator of Binance US. The investment in Binance US provides Gulf Energy with exposure to “one of the fastest growing stock exchanges in the world,” well in advance of the exchange’s planned initial public offering, the company said.
Changpeng Zhao, who heads global cryptocurrency exchange Binance, confirmed in July 2021 that Binance US was exploring avenues for a public offering.
In a separate presentation on Monday, Gulf Energy revealed that it is pursuing a “joint venture” with Binance to operate a cryptocurrency exchange in Thailand. Once the joint venture is established, the new entity will apply for digital asset licenses from the competent authorities. Gulf Energy’s presentation also revealed investments in Binance Coin (BNB), which is the native crypto asset of the Binance ecosystem.
The collaboration between Gulf Energy and Binance has been in the works for several months, as the cryptocurrency exchange looked to re-establish its operations in the Southeast Asian country. In July 2021, the Thai securities regulator charged Binance with illegally operating a digital asset business in the country. Binance came under regulatory scrutiny from several other jurisdictions as well, including Japan, the United Kingdom, Germany, the Cayman Islands, and the Canadian province of Ontario.
Thailand makes another anti-crypto move citing investor protection. https://t.co/yOqhsa0wqR
— Cointelegraph (@Cointelegraph) March 23, 2022
Thailand takes another move against cryptocurrencies claiming investor protection.
Though nascent, Thailand’s cryptocurrency sector is beginning to crystallize as lawmakers seek to bring more regulatory clarity to the asset class. Recently, The Thai Treasury Department has removed a 15% tax on capital gains from cryptocurrencies amid a regulatory backlash.
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