Thai SEC Slaps Criminal Complaint On Binance for Illegally Operating Crypto Business

Bhushan Akolkar
July 2, 2021
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Crypto exchange Binance seems to be in deep water facing accusations from regulators worldwide. On Friday, July 2, the Thai Securities and Exchange Commission (SEC) announced that it has filed a criminal complaint against Binance for illegally operating its digital assets business.

Upon investigation, the regulator found that Binance provided crypto trading services “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 Thai SEC added that by doing so, the crypto exchanges requested the Thai public and investors of using its services. The regulator further stressed that it had issued a warning letter to Binance on 5th April 2021, however, the exchange failed to submit the response in the desired timeframe. In the press release, the Thai SEC notes:

“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 and is liable to criminal sanction under Section 66 of the Digital Asset Businesses Emergency Decree.”

The regulator noted that this can lead to imprisonment for two to five years along with a fine amount of 200,000 to 500,000 baht. Thai SEC noted that a criminal complaint will just begin criminal proceedings against Binance, however, the decision and power to adjudicate lies with the court.

Mounting Trouble for Binance

Crypto exchange Binance is facing strong regulatory backlash across the globe. Last week, the U.K FCA issued a ban on Binance from conducting its operations. Following this, several payment networks and banking companies operating in the U.K. limited the fund flow to the Binance exchange.

Earlier today, as CoinGape reported, Singapore regulator – Monetary Authority of Singapore (MAS) – noted that it will soon start the regulatory review for Binance as it faces major charges worldwide. At the same time, Cayman Island authorities also initiated an investigation into the crypto exchange.

Over the last few weeks, regulators from Germany and Japan have also warned Binance on conducting its operations.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.