Thailand SEC Files Criminal Complaint against Binance

Earlier today, the Cayman Islands Monetary Authority said that it started an investigation against the exchange.

Binance is facing yet another regulatory setback. This time, Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against the cryptocurrency exchange for illegally offering services in the country.

“Following tips and the SEC’s further inspection, it was found that Binance has provided platform services for trading or exchanging digital assets via its website by matching orders or arranging for the counterparties or providing the system or facilitating entry into an agreement or match the order for persons who wish to trade or exchange digital assets,” the SEC’s official announcement on Friday stated.

Bank Account Alternative. Business Account IBAN.

The regulator detailed that it issued a warning letter against Binance on April 5, but the exchange did not provide any response.

The criminal complaint against the crypto exchange giant has been filed with the Economic Crime Suppression Division of the Royal Thai Police (ECD), which will decide on further investigation and legal proceedings.

Thailand has a strict regulatory framework for digital currency exchanges under the Digital Asset Business Emergency Decree. Such platforms need to obtain a license to offer any services in the country.

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The regulator added: “The aforementioned activities of Binance is liable to operate digital asset business in the category of digital asset exchange without a license, which is a violation of, or failure to comply with, Section 26 and is liable to criminal sanction under Section 66 of the Digital Asset Businesses Emergency Decree.”

These violations generally attract jail terms between two to five years, along with a fine of 200,000 baht to 500,000 baht. A further daily fine of up to 10,000 baht will be imposed if the contravention continues.

As you can understand, we do not comment, as a matter of policy, on specific matters related to any regulators. What we can say is that we take a collaborative approach in working with regulators, and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space,” a Binance Spokesperson told Finance Magnates.

Regulators Are Targeting Binance

The Thai regulator’s warning came hours after the Cayman Islands’ financial watchdog said that it had issued an investigation against Binance. However, the exchange said that it is not operating any kind of business from the islands.

Meanwhile, regulators in the United Kingdom, Japan, Canada and the United States have cracked down on the leading cryptocurrency exchange.

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