Crypto: Thai SEC Files Criminal Complaint Against Binance

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Binance, the world’s biggest crypto exchange by volume, appears to be facing even more regulatory scrutiny after its recent woes in the UK where it was restricted from operating in the country. This time, it’s from Thailand, whose Securities and Exchange Commission (SEC) has filed a criminal complaint against the company.

  • Thailand’s SEC has lodged a criminal complaint claiming Binance is operating in the country without the required license and thus is violating its laws and subject to criminal sanction. The complaint was lodged with the Economic Crime Suppression Division (ECD) of the Royal Thai Police.
  • According to Thailand’s SEC, Binance had failed to meet a deadline for responding to an earlier warning from the agency that it was operating a digital asset exchange without a license and needed to get one. At that, a criminal complaint could cause troubles for Binance in the country.
  • According to Thailand’s constitution, Binance’s violation makes it liable to criminal sanction that includes imprisonment of personnel along with fixed and daily monetary penalties. However, the power to enact such sanction lies in a court where Binance would get the chance to argue its case.
  • The criminal complaint is merely the commencement of a procedure where authorities would launch an investigation into Binance’s activities. There’s no certainty that the crypto exchange would be found guilty of the stated violations.
  • The complaint from Thailand adds to a tough time for Binance which is facing regulatory scrutiny in a handful of countries. Just recently, both the UK and Japan decreed that the exchange wasn’t legally operating within their territories and therefore subject to sanctions. Now, it’s Thailand and also the Cayman Islands concurrently. 
  • Binance is also reportedly in the crosshairs of US authorities for possible money laundering violations. It seems that the popular crypto exchange has much work to do on its legal side to avoid global troubles.

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