Home CryptoCurrency News Binance woes continue as Thailand SEC files criminal complaint

Binance woes continue as Thailand SEC files criminal complaint


It has been a tough year so far for Binance. As a new quarter dawned, fresh troubles brewed in for the cryptocurrency exchange as regulatory scrutiny across the world continued to haunt.

In the latest development, Thailand Securities and Exchange Commission [SEC] is the latest regulatory entity to have hopped on the bandwagon targeting Binance. The country’s SEC has reportedly filed a criminal complaint against the leading exchange for allegedly operating a cryptocurrency business without a license.

The announcement read,

“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.”

While confirming the launch of a criminal procedure and an investigation against Binance, Thai SEC claimed that the crypto exchange sought the country’s public and investors to use its services, either through its website or Facebook Page under the name “Binance Thai Community.”

Furthermore, the official press release also revealed that the cryptocurrency exchange has failed to respond to the warning letter issued by SEC on April 5th that required the platform to submit a written response within the specified time.

The regulator watchdog went on to say that due to the activities engaged and services offered by the exchange, it is liable to criminal sanction under Section 66 of the Digital Asset Businesses Emergency Decree, which could mean imprisonment for a term of two to five years and a fine of 200,000 to 500,000 baht. In addition, the SEC may further impose a daily fine of not more than 10,000 baht every day during which the contravention continues.

The filing of a criminal complaint by the SEC is just the first step towards the beginning of a criminal proceeding against the crypto exchange. As per the regulatory entity’s official edict, an inquiry official will be set up to conduct an inquiry before approving the case to the public attorney.

In Thailand, digital asset businesses are regulated under the Digital Asset Business Emergency Decree and only companies with relevant licenses under the law are allowed to provide services that Binance was purportedly offering.

Binance’s woes do not end there

It all started when Binance received a warning from the UK Financial Conduct Authority [FCA] about functioning without permission in the country. Shortly after which the exchange users in the UK suffered suspension of withdrawals and deposits in fiat.

The troubles for the global exchange then came from Japan Canada and the United States. But the latest clampdown comes hours after the Cayman Islands Monetary Authority [CIMA] announced that Binance, the Binance Group, and Binance Holdings Limited are not registered, licensed, regulated, or otherwise authorized by the Authority to operate a cryptocurrency exchange from or within the Cayman Islands.

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Alice P Jacobs
Alice is an experienced writer with a demonstrated history of working in the cryptocurrency and blockchain industry for more than two years. She also contributes towards providing macro data/event previews and reports and is involved in conducting Fundamental and Technical Analysis.
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