The world’s largest exchange seems to be taking jabs on all sides from regulators from different countries in different regions of the world. Thai is the latest country to join the bandwagon as the Securities and Exchange Commission of the country has just filed a fresh case against Binance group operating its exchange business illegally within its region.
SEC’s move was due to the failure of Binance responding to its warning back in April this year, 2021 for allegedly operating a system via its website and Facebook page that merged traders. According to the release from the commission, the system facilitated trading orders for users in Thai;
“..it was found that Binance has provided platform services for trading or exchanging digital assets via its website 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.”
See also:Cayman Islands Monetary Authority To Investigate Binance
SEC Files Lawsuit against Binance
Furthermore, the SEC has proceeded to file a lawsuit against Binance. Investigations would be commenced as soon as possible before the case is recommended to a public court for hearing. Binance was accused on the following grounds as outlined in the release;
“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, i.e., imprisonment for a term of two to five years and a fine of 200,000 to 500,000 baht and a further daily fine not exceeding 10,000 baht for every day during which the contravention continues.”
See also:Financial Conduct Authority FCA Bans Binance from Operating in the UK
Closing on, the SEC noted that only licensed companies have the right to operate digital businesses in Thai and any company that fails to do so might be in danger of facing the regulators and penalty of the law.
How is Binance going to resolve the different regulators jab it’s facing at the moment?
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