Binance has been under fire recently with regulatory issues and criminal complaints. It is under tight scrutiny from global regulators and watchdogs. This is an attempt to closely police the crypto market as well as the conventional financial market.
The Securities and Exchange Commission (SEC) of Thailand reported that Binance has been operating a business without a license. The business is reported to lie under the category of digital asset exchange. On Friday, a criminal complaint was launched against Binance who was found to be operating a digital asset exchange business without a license.
This is the latest news from the recent crackdowns that global regulators have been performing on Binance.
Only licensed firms are allowed to provide services in the field of digital asset trading in Thailand. The SEC emphasized this point in their complaint against the cryptocurrency exchange.
The SEC had provided warnings to Binance regarding its suspicious activities in April. However, the company provided no responses to the warning. The SEC was forced to file this criminal complaint with the Thai police due to Binance’s negligence.
A company spokesperson declined the offer to comment on the complaint registered with the Thai police. The spokesperson commented that it takes compliance obligations seriously and works collaboratively with regulators.
Britain had banned Binance from performing regulated operations in the nation as pressed by the country’s financial watchdog.
Japan had also issued statements about the illegal operations on Binance in the country. According to the statement, Binance has been working illegally from Japan. Moreover, according to the financial watchdog of Germany, Binance was close to being fined for providing stock-related tokens.
It was reported in May that Binance was also under investigation by the Internal Revenue Service and the U.S. Justice Department.
The report by the SEC to the Thai police is only the start of the process of solving this criminal offense.
The complaint made to the Thai police can lead to a penalty of 2-5 years of imprisonment as well as a fine of around $6,200-15,500. This will be in addition to the daily fine of up to 10,000 baht for every extra day the company continues its operations.