Thailand SEC sniper! Binance is sued in criminal lawsuit, accusing it of “operating without a license” digital asset business

Thailand SEC sniper! Binance is sued in criminal lawsuit, accusing it of "operating without a license" digital asset business

The Thai regulatory authority SEC announced yesterday that it has filed criminal proceedings against cryptocurrency exchange giant Binance for operating digital asset trading and exchange business “without permission”, facing up to 5 years in prison and a fine of NT$430,000 . Since last month, the company has been under pressure from control in Japan, the United Kingdom, and the Cayman Islands.
(Previous summary: Binance Headquarters Mystery | Cayman Islands Monetary Authority: Binance and related companies have not obtained operating permits and are conducting separate investigations )
(Event Background: Binance Supervision | This time I change to the Singapore Monetary Authority! Companies, request to apply for a digital payment token license )

FollowingAfter Japan, the United Kingdom, Canada, Singapore, and the Cayman Islands, Binance, the world’s largest cryptocurrency exchange, also hit a mountain in Thailand.

Yesterday (2), the Securities and Exchange Commission of Thailand (SEC) announced that Binance , a provider of digital asset trading platforms, has filed a criminal lawsuit against the Economic Crimes Control Department (ECD) of the Royal Thai Police, accusing it of violating an emergency order for digital asset business.

The announcement pointed out that the SEC investigates Binance to provide a platform for trading and exchange of digital assets, and attracts the Thai public and investors through its website and Facebook page “Binance Thai Community”. And the SEC has issued a warning letter on April 5, 2021, requesting Binance to submit a written reply, but the company failed to deliver it within the prescribed time.

Therefore, Binance’s above activities are suspected of “operating without permission” in digital asset trading business, and may be subject to criminal sanctions under Article 66 of the Digital Assets Business Emergency Act, which means imprisonment for two to five years and a fine of 200,000 to 500,000 baht (inclusive). Contracts between 174,000 and 434,000 TWD), and a fine of up to 10,000 THB (equivalent to 8,700 TWD) per day during the duration of the violation.

At present, the SEC has submitted a criminal lawsuit against Binance to ECD, and will further investigate and enter legal proceedings.

The SEC would like to emphasize that the digital asset business is regulated by the Digital Asset Business Emergency Act. Only suppliers who have obtained relevant licenses in accordance with the law can provide digital asset trading, exchange, depository, transfer, cash withdrawal or any transaction services related to digital assets. Violators may be punished by law.

Thailand SEC sniper! Binance is sued in criminal lawsuit, accusing it of "operating without a license" digital asset business
-Binance is not on the Thailand SEC registration list|Source: Thailand SEC official website , translated by Jingdong District-

Extended reading: Thailand SEC directly ordered! Bitkub exchange, which accounts for 97% of the market, was “forced to temporarily shut down,” and the crash frequency was limited to five days to improve

Binance is encircled by multi-country supervision

Since the Japanese Financial Services Agency (FSA) issued the second “unregistered business” warning to Binance in late June , its subsidiary Binance Markets Limited (BML) has received another “consumer warning” from the British Financial Conduct Authority (FCA). Order to prohibit any regulated activity.

At the same time, Binance also proactively announced that in view of the updated laws and regulations in Ontario, Canada, it will end its local business. On the 1st of this month, the Monetary Authority of Singapore (MAS) announced that it would require its subsidiary Binance Asia Services to apply for a digital payment token service license.

On the same day, the Cayman Islands Monetary Authority (CIMA), which was considered the home of Binance’s headquarters, also stated that neither Binance Group nor Binance Holdings Limited had obtained its authorization and were not allowed to Locally operate a cryptocurrency exchange business.

Today, the Thai SEC has also joined the crackdown, and the foreign media “The Block” obtained a response from a Binance spokesperson :

Based on company policy, we will not comment on any specific issues related to regulatory agencies. It can be said that we have adopted a cooperative approach with regulatory agencies and also attach great importance to compliance obligations. We are still actively learning about the ever-changing policies, rules and laws in this new field.

Posted by:CoinYuppie,Reprinted with attribution to:
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