It’s now Thailand’s turn to file charges against Binance 

For the nth time, Binance is on the headlines. 

The crypto exchange giant has been dominating the news for the past few weeks because of its legal entanglements with various governments. Binance is currently tied up with numerous charges filed by governments themselves, for allegedly operating in their countries illegally. 

Now, Thailand’s Securities and Exchange Commission (SEC) has formally filed criminal complaints against Binance for operating in the country without proper licenses. 

Binance virtually operates a business in Thailand through its official website and Facebook page, but it is still considered by the government as direct violations of its laws. 

The gov’t had no choice but to respond

According to the Securities and Exchange Commission, it has sent a warning letter to the crypto exchange company last April 5, but Binance failed to respond in time. 

By filing criminal charges, Thailand’s action is by far the most serious response received by Binance. Other countries such as the U.S., UK, Japan, Singapore, and the Cayman Islands, have merely sent warnings to the company for operating in their countries without licenses. 

Direct violation of the laws

In a statement released by Thailand’s SEC, it said that Binance has directly violated the country’s cryptocurrency laws which could lead to a fine equivalent to $6,000 to $15,000 and two to five years imprisonment. 

On top of these, the crypto exchange company would be required to pay $310 every single day while its violation continues. 

Binance, just like how it responded to other complaints, was very careful with its statement. Its spokesperson said: “We take a collaborative approach in working with regulators and we take our compliance obligations very seriously.” 


Image courtesy of Cointelegraph News/YouTube

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