Thailand Securities and Exchange Commission (SEC) has filed a criminal complaint against the Binance cryptocurrency exchange. The exchange is operating a digital asset business without a license.
The Securities regulator filed the complaint with the Economic Crime Suppression Division of Royal Thai Police (ECD). The SEC claims that Binance has solicited the Thai public and investors to use its services either via its website or Facebook pages: “Binance Thai Community.”
The SEC had warned Binance earlier to submit its activities in a letter on April 5, but Binance failed to respond within the specified time, SEC said. It led them to file a criminal complaint with the police.
Binance’s activities failed to comply with Section 26 and are liable to criminal sanction under Section 66 of the Digital Asset Businesses Emergency Decree. Penalty imprisonment for a term of 2 or 5 years and a fine of 2,00,000 to 5,00,000 baht. Further daily fine not exceeding 10,000 baht for every day, which contravention continues.
The SEC said, “Only providers who have obtained relevant licenses under the law are allowed to provide services related to digital asset trading, exchange, depository, transfer, withdrawal or any transaction related to digital assets.”
Meanwhile, regulators in the United Kingdom, Japan, Canada, and the United States have a crackdown on leading cryptocurrency exchanges. Binance also received a warning over a similar matter from a regulator in Japan.
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