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Gulf Energy Development, an energy company based in Thailand, has announced a strategic investment in Binance and BNB, the native cryptocurrency used in the BNB Chain ecosystem.
Gulf Energy already has a relationship with the Binance cryptocurrency exchange. In January, it announced a partnership with the exchange to obtain a regulatory license.
Gulf Energy invests in Binance US and BNB
A regulatory filing with the Thailand Stock Exchange shows that Gulf Energy has invested an undisclosed sum in BNB tokens. The investment was made through a designated subsidiary created by the energy company to focus on the crypto space.
Gulf Energy has shown high interest in the cryptocurrency industry. The company has said that working with Binance will allow it to focus on the digital asset industry and increase the scope of the firm’s investment.
The Gulf Energy filing said that “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 infrastructure while providing further opportunities for the company to expand into other digital asset-related initiatives in the future.”
Gulf Energy & Binance seek Thai licensing
The cryptocurrency regulatory climate in Thailand has been tough, with the Thailand Securities and Exchange Commission being responsible for regulating cryptocurrencies in the country. Binance and Gulf Energy are committed to setting up crypto operations in Thailand by obtaining the required licenses.
The two companies have created a joint venture to set up a digital asset exchange platform in Thailand. According to Gulf Energy, the joint venture will focus on obtaining a license from Thailand’s SEC to run a cryptocurrency exchange.
Binance has been at loggerheads with the Thai financial market regulators. The Thai SEC filed criminal charges against Binance last year for offering cryptocurrency services without the necessary licenses. This has hindered Binance’s efforts in establishing a base in the country. Binance has also faced regulatory scrutiny from other countries globally.
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