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Thailand SEC Files Criminal Complaint Against Binance for Operating Without License


Binance's problems have only gotten worse as Thailand's Securities and Exchange Commission (SEC) has filed a criminal complaint against the crypto exchange for allegedly operating without a licence in the nation.


According to an announcement on the SEC's website on Friday, the securities regulator filed the complaint with the Economic Crime Suppression Division of the Royal Thai Police (ECD), alleging that Binance had missed a deadline for replying to an earlier warning.

Thailand SEC Files Criminal Complaint Against Binance Crypto Exchange

Binance has provided platform services for trading or exchanging digital assets via its website by matching orders, arranging for counterparties, providing the system, facilitating entry into an agreement, or matching the order for persons who wish to trade or exchange digital assets, according to tips and the SEC's further investigation, the SEC said.

The accusation comes at a particularly trying time for the cryptocurrency exchange. It has received a warning from the Japanese regulator over a similar situation, has been barred from undertaking regulated activity in the United Kingdom, and has ceased operations in Ontario after regulatory action against sister exchanges in the Canadian province.

The SEC wants to underline that the Digital Asset Business Emergency Decree regulates digital asset enterprises. Only those who have secured the necessary licences under the legislation are permitted to perform services linked to digital asset trading, exchange, depository, transfer, withdrawal, or any other digital asset activity. Penalties may be imposed on those who break the law.

Read more about: bitcoin cryptocurrency
Story first published: Friday, July 2, 2021, 17:18 [IST]
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