A criminal complaint against Binance – one of the world’s most recognized crypto exchange platforms, was filed on Friday by Thai regulators. The complaint was filed against the crypto exchange on claims that it was operating a digital asset business without a license. This is the most recent in what can be called a chain of crackdown actions against the crypto exchange platform.
In a statement released by Thailand’s Securities and Exchange Commission, the crypto exchange platform had been in the country operating a digital asset business “in the category of a digital asset exchange” without having or showing plans of obtaining a license. The Securities and Exchange Commission, in its statement, made it crystal clear that only licensed firms have the right to provide digital asset trading services in the country.
Thailand’s Securities and Exchange Commission said that it had sent a letter warning Binance over its activities in April but got no response from the crypto exchange, and this is what led to its filing of a criminal complaint with the Thai police on Friday.
Binance has been hit by quite some regulatory kerfuffles with the most recent one being banned in the UK by the Financial Conduct Authority (FCA) which said Binance is not permitted to undertake any regulated activity in the UK. Japan regulators also mentioned that the exchange was operating in the country illegally. In April, German regulators mentioned that the exchange risked being fined for offering tokens connected to stock. The crypto exchange was also under investigation by the U.S. Justice Department and Internal Revenue Service in May.
On the recent claims by Thailand regulators, a Binance spokesperson mentioned that the exchange is making efforts aimed at working with Thai regulators and that the exchange took compliance regulators seriously. The spokesperson declined to make specific comments regarding the complaint itself.
Thai regulators mentioned that the complaint is the start of the criminal procedure, that a police investigation whose results would most likely form the basis of recommendation for a public attorney who will carry out the prosecution will follow.
According to Thai’s SEC, the offense it is charging Binance holds a penalty of two to five years imprisonment, a fine of 200,000 to 500,000 baht (the equivalent of $6,200 to $15,500), and a further daily fine of up to 10,000 baht for every day that the contravention continues.