Binance Troubles Continue, Thailand SEC Files Criminal Complaint

So far it’s been a tough year for her Binance. As the new quarter dawned, new problems emerged for cryptocurrency exchanges as regulatory scrutiny continued around the world.

In the latest development, the Securities and Exchange Commission of Thailand [SEC] It is the latest regulatory entity to jump on the Binance bandwagon. The country’s Securities and Exchange Commission is reported to have filed a file criminal complaint against the leading exchange for allegedly running cryptocurrency without a license.

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Following advice and additional inspection from the Securities and Exchange Commission, it was discovered that Binance has provided platform services for trading or exchanging digital assets through its website by matching orders, regulating counterparties, providing the system, facilitating entering into a transaction or matching an order to people who wish in the trade or exchange of digital assets.

Confirming the initiation of criminal proceedings and an investigation against Binance, the Thai SEC alleged that the crypto exchange was seeking the public and investors in the country to use its services, either through its website or Facebook page under the name “Binance Thai Community.”

Moreover, the official press release also revealed that the cryptocurrency exchange did not respond to the warning letter issued by the SEC on April 5 that required the exchange to provide a written response within the specified time.

The regulator went on to say that due to the activities it performs and the services provided by the exchange, it is subject to a criminal penalty under Section 66 of the Digital Asset Business Emergency Ordinance, which could mean a prison sentence of two to five years. and a fine of 200,000 to 500,000 baht. In addition, the Securities and Exchange Commission may impose a daily fine of no more than 10,000 baht for each day the violation continues.

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Filing a criminal complaint with the Securities and Exchange Commission (SEC) is only the first step towards initiating criminal proceedings against a cryptocurrency exchange. According to the official decision of the regulatory body, an investigative officer will be appointed to conduct an investigation before the case is approved for the attorney general.

In Thailand, the digital asset business is regulated by the Digital Asset Business Emergency Ordinance, and only companies with relevant licenses by law can provide the services allegedly provided by Binance.

Binance’s problems don’t end there

It all started when Binance received a warning from the UK’s Financial Conduct Authority [FCA] About working without permission in the country. A short time later, users of the UK exchange suffered from the suspension of withdrawals and deposits in Fiat.

Then came the problems of global exchange from Japan, Canada and the United States. But the latest crackdown comes hours after the Cayman Islands Monetary Authority [CIMA] I declare that Binance, Binance Group, and Binance Holdings Limited are not registered, authorized, regulated or authorized by the authority to operate a cryptocurrency exchange in or within the Cayman Islands.

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