The Thai Securities and Exchange Commission (SEC) announced on Friday that it has filed a criminal complaint against the exchange for its unlicensed and unregistered Binance activities in the country.
According to the organization, Binance exchanges cryptocurrencies through its website without permission. In addition, it has encouraged Thais to use the exchange's services through the Binance Thai Community website or Facebook page; Therefore, it can be prosecuted.
The watchdog said in a statement on April 5 that it had warned Binance and requested a written response, but that the exchange had not responded to the letter within the specified time.
Binance and its affiliates have received warnings from regulators in several countries, including the United States, Britain, Japan, the Cayman Islands and Singapore. But Thailand's recent move seems to be one of the most important to date against Binance, as it is not just a warning but a criminal complaint against the exchange.
According to the lawsuit, the Thai Stock Exchange Commission claims that Binance Exchange has violated Thai cryptocurrency rules defined by the emergency order of digital asset-related businesses. Under the law, managers of the exchange may face penalties of up to two to five years in prison and a fine of 200,000 to 500,000 baht (about $ 6,000 to $ 15,500) and a fine of more than 10,000 baht ($ 310) for each day of operation. Receive their illegal.
Source:
https://www.theblockcrypto.com/post/110380/thailand-sec-binance-crypto-exchange-criminal-complaint