Binance Under More Pressure as Thailand SEC Files Criminal Complaint

2 mins
2 July 2021, 13:15 GMT+0000
Updated by Ryan James
2 July 2021, 13:15 GMT+0000
In Brief
  • The Thailand SEC has filed a criminal complaint against Binance for operating within the country. 
  • The news comes one day after the Cayman Islands Monetary Authority warned the exchange for operating without a license. 
  • The news comes off the back of warnings from the UK, Singapore, and Japan.
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Binance appears to be in more hot water following the latest action by the Thai SEC, who have filed a criminal complaint against the exchange.

Binance has had a rough couple of weeks as countries across the globe target the exchange for various reasons. 

The latest country to take action against the world’s largest cryptocurrency exchange is Thailand. In a recent memo from the Thailand Securities and Exchange Commission (SEC), the SEC has filed a criminal complaint against Binance for operating a digital asset business without a license. 

The announcement further states that “Binance has solicited the Thai public and investors to use its services, either via its website or Facebook Page: Binance Thai Community.” 

The SEC had previously issued a warning letter to Binance, asking the exchange to submit a written response to the allegations. However, Binance failed to submit a response within the stipulated time frame. 

According to the announcement, the violation is considered as criminal, which could lead to an “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.”

The notice now means the SEC will proceed with an investigation as well as legal proceedings against the exchange. 

Other countries also targeting Binance

Most recently, the Cayman Island Monetary Authority (CIMA) also announced that Binance is not authorized to operate within the country as a crypto exchange. The regulatory body stated “CIMA wishes to inform the public that Binance, the Binance Group and Binance Holdings Limited are not registered, licensed, regulated or otherwise authorized by the Authority to operate a crypto-currency exchange from or within the Cayman Islands.”

The latest batch of warnings against the crypto exchange comes following warnings from Singapore and Japan, who have both warned against the exchange for operating in jurisdictions it is not currently regulated with. The United Kingdom has also taken steps against Binance by offering warnings against the exchange. 

Binance CEO Changpeng Zhao has commented on Twitter, saying “For those who have been following/supporting us, you know we don’t engage in debates/fights, we focus on solving problems, and we will. As always, thank you for your trust and support! We will continue to grow together.”


BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.