The leading Thai energy development company, Gulf Energy has strategically involved its funds in the U.S. subsidiary biggest crypto exchange in the world, Binance US, crossing another milestone to increase its presence in the digital asset market.
As per the regulatory documents filed by Gulf Energy on Monday, the company discloses that it has invested in the Binance US-operated “Series Seed Preferred Stock issued by BAM Trading Services Inc.”
The company went on to add that the recent investment in the crypto exchange gives it exposure to “one of the fastest user scale-up exchanges in the world” majorly ahead of the exchange’s planned IPO.
The CEO of the exchange, Changpeng Zhao, confirmed in July last year that Binance US was exploring ways to bring a public offering. The company has recently also stated that it is aiming to bring more companies to the crypto market by diversifying its business.
Gulf Energy reported in a separate filing on the same day that it is pursuing a “joint venture” with Binance to run a cryptocurrency exchange in Thailand. The newly created entity will apply for digital asset licenses 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’s past work
Gulf Energy and Binance have been working together for several months as the crypto exchange seeks to re-establish operations in the Southeast Asian country. Thailand’s securities authority accused Binance of illegally conducting a digital asset business in the country in July 2021.
Several additional governments, including Japan, the United Kingdom, Germany, the Cayman Islands, and the Canadian state of Ontario, investigated Binance, increasing regulatory pressure on it.
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 canceled a planned 15% tax on crypto capital gains.
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