Thai SEC has issued a warning letter to Binance

Thai SEC taking legal actions against world's largest crypto exchange
  • Binance has received a hit from the Thailand Securities and Exchange Commission
  • The regulator had issued a warning to the exchange, which it failed to respond to before the deadline
  • The Thai financial agency accused Binance that it is operating unlicensed in the region
  • The accusation from the agency came while the exchange was already facing regulatory issues from several countries globally

Binance, the world’s largest crypto assets exchange as per CoinMarketCap, has added another charge to its criminal complaint. Thailand Securities and Exchange Commission (SEC) has issued a letter taking legal actions against the exchange. The regulatory body has charged the digital assets exchange of operating without a license. Moreover, the agency asserted that the leading exchange platform has failed to reply to an earlier warning. Simultaneously, Binance had also received such a warning from the Japanese regulators.

Binance operates unlicensed as per Thai SEC

Recently, the Thailand SEC has filed a complaint with the Economic Crime Suppression Division of the Royal Thai Police (ECD). The regulatory agency has allegedly claimed that it had issued a warning letter to Binance in April in the documentation. The filings also revealed that the authority asked the exchange to submit a written explanation for its unauthorized promotions on its social accounts and websites.

- Advertisement -

However, the Thai SEC highlighted that the exchange failed to respond to the agency’s warning before the deadline. Notably, the regulator’s allegations and charges indicate that the exchange is operating its crypto business unlicensed in the region.

Licensed crypto firms can only operate in Thailand

The financial regulator explained that only licensed crypto firms could operate in the region. Those who fail to meet its compliance are not allowed to offer services related to virtual currency trading. Furthermore, such operators are also forbidden to offer services associated with the exchange of transactions of such currencies.

If the regulators find someone violating Sections 26 and 66 of the Digital Asset Businesses Decree, the person could be imprisoned for 2-5 years. Moreover, the person will also have to pay a penalty of 2,00,000-5,00,000 baht (about $6225.49-$15563.73). Simultaneously, if the violation continues, the accused will be charged 10,000 baht (about $311.27) per day until the breach ends.

Turbulent period due to regulatory concerns

Binance was already facing a turbulent period due to some similar concerns in japan. The Japanese regulators have also issued such a warning to Binance. The exchange has also been barred from conducting regulated activity in the United Kingdom. Simultaneously, Binance has been pulled out of operating in Ontario due to some similar regulatory concerns. In the recent development, the exchange is facing a hit from the Thailand SEC.

Download our App for getting faster updates at your fingertips.

Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange