On Friday, Thailand’s Securities and Exchange Commission (SEC) announced that it had filed a criminal complaint against Binance for allegedly operating a digital asset business without a license. The SEC is launching a criminal procedure and an investigation against the exchange for providing crypto trading services by “matching orders or arranging for the counterparties or providing the system or facilitating entry into an agreement,” noting that “in so doing, Binance has solicited the Thai public and investors to use its services, either via its website or Facebook (NASDAQ:FB) Page: Binance Thai Community.”
The SEC said that it had previously issued a letter of warning to Binance in April requesting a written response, but the exchange failed to respond within the stipulated time. The agency wrote:
Furthermore, the CIMA noted that it will be investigating other companies linked to Binance that operate in or from the Cayman Islands. According to the Cayman Islands Companies Act, 2020, crypto companies operating in the region must either be registered under the country’s virtual asset service providers act or any other existing regulatory body that has been granted a waiver under the act.
Binance has been having a hard time with regulators around the world, with governments like Germany, Japan, the United Kingdom, Canada, and the United States scrutinizing its operations lately. A Bloomberg report published on Thursday revealed that the Singapore Monetary Authority is already mulling over reviewing Binance Asia Services’ license application.
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Source: Cryptocurrency - investing.com
