Gulf Energy pursues joint venture with Binance, invests in BNB

Gulf Energy pursues joint venture with Binance, invests in BNB

Thailand-based Gulf EnergyStrategic investments have been made inCryptocurrency exchange BinanceUS signaled its desire to pursue a joint venture withThe global Binanceexchange as part a targeted effort gain exposure to digital asset market. 

Gulf EnergyDisclosure inA regulatory filing April18 that it invested in “Series Seed Preferred StockBAM Trading Services Inc.,” which is the operator of Binance US. TheInvest in BinanceUS gives Gulf Energy exposure to “one of the fastest user scale-up exchanges in the world” well ahead of the exchange’s planned initial public offering, the company said.

Changpeng ZhaoWho is the runner? Binance’s global cryptocurrency exchange, confirmed in July2021 BinanceUS was exploring public offerings.

InYou can file a separate document Monday, Gulf Energy disclosed that it is pursuing a “joint venture” with BinanceTo operate a cryptocurrency exchange in Thailand. OnceThe joint ventureis formed, the newly created entity will apply to digital asset licenses withContact the appropriate authorities. Gulf Energy’s filing also disclosed investments in Binance Coin (BNB), which is the native crypto asset of the Binance ecosystem.

TheCollaboration between Gulf Energy BinanceHas been inAs the cryptocurrency exchange tried to reestablish operations, the process has been ongoing for several months inThe Southeast Asian country. In July 2021, Thailand’s securities regulator accused BinanceIllegal operation of a digital asset company inThe country. BinanceSeveral other jurisdictions also scrutinized the matter, including JapanThe United Kingdom, GermanyThe Cayman IslandsThe CanadianProvince of Ontario.

Related: ThailandSEC bans crypto payments and seeks disclosure from exchanges about system failures

While nascent, Thailand’s crypto industry is beginning to crystalize as lawmakers seek to provide more regulatory clarity on the asset class. RecentlyThe Thai Revenue DepartmentIn the face of regulatory backlash, a 15% tax was dropped on crypto capital gains.