Thailand SEC Files Criminal Complaint Against Binance

The SEC alleges the crypto exchange is operating a digital-asset business in the country without a license.

Jul 2, 2021 at 10:30 a.m. UTC
Updated Sep 14, 2021 at 1:20 p.m. UTC

Binance's woes continue as Thailand's Securities and Exchange Commission (SEC) filed a criminal complaint against the crypto exchange for allegedly operating in the country without a license.

  • The securities regulator filed the complaint with the Economic Crime Suppression Division of the Royal Thai Police (ECD), saying Binance had failed to meet a deadline for responding to an earlier warning , according to an announcement on the SEC's website Friday .
  • The SEC claims the exchange solicited the Thai public to use its services via its website or the "Binance Thai Community" page on Facebook.
  • That means Binance is operating an unlicensed digital-asset business, the regulator 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 transactions related to digital assets," the SEC said.
  • The regulator said it issued a warning letter on April 5 this year requiring Binance to submit a written response. It failed to do so within the specified time, the SEC said.
  • The complaint comes at a turbulent period for the crypto exchange. It has received a warning over a similar matter from the regulator in Japan, been barred from conducting regulated activity in the U.K. and pulled out of operating in Ontario following regulatory action against fellow exchanges in the Canadian province.
  • Binance did not immediately respond to CoinDesk's emailed request for comment.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
A16z Doubles Down on Crypto Investments Despite Market Downturn, and NFL Launches Play-to-Earn NFT Game

The most valuable crypto stories for Wednesday, May 25, 2022.

The most valuable crypto stories for Wednesday, May 25, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
OCC: ‘No Contagion’ Post-Terra Collapse

A surprisingly measured set of comments from Acting Comptroller Michael Hsu.

A surprisingly measured set of comments from Acting Comptroller Michael Hsu.

CoinDesk - Unknown
3
CoinDesk - Unknown
Nvidia’s Crypto Mining Chip Revenue Now 'Nominal' Following Months of Decline

A drop in crypto mining chip sales dragged down the chipmaker’s OEM business unit year-over-year.

A drop in crypto mining chip sales dragged down the chipmaker’s OEM business unit year-over-year.

CoinDesk - Unknown
4
CoinDesk - Unknown
How to Make It in the Metaverse

In this work of fiction, a woman buys a home in the metaverse because New York City rent is just too high. But virtual worlds exact their own cost of living. This piece is part of CoinDesk's Metaverse Week.

In this work of fiction, a woman buys a home in the metaverse because New York City rent is just too high. But virtual worlds exact their own cost of living. This piece is part of CoinDesk's Metaverse Week.

CoinDesk - Unknown