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Crypto exchange Binance faces criminal complaint filed by Thai SEC

Thailand’s Securities and Exchange Commission filed a criminal complaint against the crypto exchange for operating without a license.

Bangkok, Thailand / Image by: Wikimedia Commons

Mon, 05 Jul 2021, 08:17 am UTC

Crypto exchange Binance has been recently facing a series of crackdowns from various regulators worldwide. Just days after the platform received a warning from U.K.’s FCA, Thailand’s Securities and Exchange Commission filed a criminal complaint against the exchange for operating without a license.

In an announcement on Friday, July 2, Thailand’s SEC revealed that it filed a criminal complaint against the crypto exchange Binance. In the complaint, which was filed with the Economic Crime Suppression Division of the Royal Thai Police (ECD), the regulator alleged that Binance was operating a digital asset business without a license.

“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 stated.

The regulator added that the crypto exchange solicited Thai investors to use its services via its Facebook page and website. The SEC previously issued a warning letter on April 5, 2021 requiring Binance to submit a written explanation. However, the platform failed to submit a response forcing the SEC to formally file the complaint.

“The aforementioned activities of Binance is liable to operating digital asset business in the category of digital asset exchange without license, which is a violation of, or failure to comply with, Section 26,” the SEC said. Under Section 66 of the Digital Asset Businesses Emergency Decree, the sanctions for such violation include imprisonment for a term of two to five years and a fine of 200,000 to 500,000 baht.

A spokesperson for Binance declined to comment on the Thai SEC complaint, according to the Bangkok Post. However, the company representative said that the platform will collaborate with regulators and reiterated that Binance takes it compliance obligations seriously.

Last month, U.K.’s Financial Conduct Authority (FCA) ordered Binance to stop all regulated activities in the country. “Binance Markets Limited is not permitted to undertake any regulated activity in the UK,” the FCA said. “Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”

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