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.”
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.”
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?
What do you think ? Share your comments below
VanEck to Give Clients Access to Crypto by Offering a Solana ETF
Solana based DEX, Orca Closes $18M Series A Round
We don’t expect all businesses to adopt e-Naira –CBN
We chose Bitt Inc for the e-Naira because of Capacity & Experience – CBN
KB24 Launches NFTs Collection in Memory of Kobe Bryant, Proceeds to be Given to Charity
President of Turkey Says the Country is at War with Cryptocurrencies
Monetary Policy has been replaced with tyranny; e-Naira will be a flop – Chiagozie Iwu
El Salvador Adds Fresh 150 Bitcoins as BTC Price Slides
10 Days after Adopting Bitcoin, El Salvador Records 17% Adoption for its Wallet Chivo
Watch the Latest Edition of Inside Blockchain – 29th Nov. 2020
Crypto Roast is LIVE – 27th Nov. 2020
AMA Series with Beam CTO & Tech Lead, Alex Romanov
Keep it Locked on to Cryptotvplus
Inside Blockchain | 16.11.2020
Inside Blockchain: WHY YOU SHOULD BECOME A BLOCKCHAIN DEVELOPER
How Blockchain Technology Can Transform Governance In Africa
E-naira Project Award to BITT Raises Regulatory Questions
The Central Bank of Nigeria’s e-naira Project has generated a number of questions lately. The most recent is the contention...
Ecosystem Growth Fund: The newest ways to market and promote blockchain platforms
Fantom, Harmony, Algorand & OKEx has in less than a month announced a billion dollars fund to boost development on...
TOKEN2049 Returns for In-Person Event this October in London
Highly anticipated conference at the forefront of the digital assets space marks the return of one of the first major...
OKEx Launches Super Affiliate Program
Are you a KOL or content creator in the crypto space? Do you want to boost your earning by introducing...
Influencers Are the Drive behind NFTs Popularization – Karla Obarkpolor
The founder of NFT marketplace Qlipit and Crypto Asset Management Company, Crypto Smart has stated that influencers have played big...