Margin Trading

Thailand’s files criminal complaint against Binance’s — Similar Warnings by Cayman Islands, UK, Japan

A growing range of regulators worldwide have come behind Binance. Thailand’s Securities and Exchange Commission (SEC) filed a criminal case against the crypto exchange when the authorities within the Cayman Islands, the U.K., and Japan issued similar warnings on Binance and connected firms.

Thailand’s Regulator Files Criminal complaint

The Thai Securities and Exchange Commission declared on Friday that it “has filed a criminal complaint against Binance … with the Economic Crime Suppression Division of the Royal Thai Police (ECD).” in keeping with the SEC:

“Binance has solicited the Thai public and investors to use its services, either via its web site or Facebook page: Binance Thai Community.”

The securities regulator expressed that it issued a warning letter to Binance on April 5 however the company did not submit a response within the given  time.

The SEC said that Binance is working on crypto exchange business without getting a license. The Binance is so “liable to criminal sanction under Section 66 of the Digital Asset Businesses Emergency Decree, i.e., imprisonment for a term of 2 to 5 years and a fine of 200,000 to 500,000 tical and an extra daily fine not surpassing 10,000 tical for each day throughout that the dispute continues.”

Cayman Islands Warns about Binance

The Cayman Islands Monetary Authority (CIMA) printed a notice on its website Thursday stating that Binance isn’t licensed to work a crypto exchange within the country. The notice reads:

“Binance, the Binance group and Binance Holdings Limited are not registered, licensed, regulated or authorised by the authority to operate a crypto-currency exchange from or within Cayman Islands.”

CIMA stressed that firms incorporated within the Cayman Islands should either be “registered or having license in accordance with the Virtual Asset (Service Providers) Act, 2020 “ or be “an existing regulated entity that has been granted a waiver by the authority.”

Recently, 2 different regulators issued warnings on Binance: the U.K.’s Financial Conduct Authority (FCA) and Japan’s Financial  Services Agency (FSA).