Binance’s problems mount as Thailand files criminal complaint – Similar warnings from Cayman Islands, UK, Japan – Regulation Bitcoin News

A growing number of regulators around the world have come to Binance. The Thai Securities and Exchange Commission (SEC) filed a criminal complaint against the crypto exchange after authorities in the Cayman Islands, the UK and Japan issued similar warnings to Binance and affiliates.

Thailand’s supervisory authority files a criminal complaint

The Thai Securities and Exchange Commission announced on Friday that it “has filed a criminal complaint against Binance … with the Economic Crime Suppression Division of the Royal Thai Police (ECD).”

Binance has urged the Thai public and investors to use their services, either through their website or Facebook page: Binance Thai Community.

The securities regulator stated that on Jan.

The SEC said Binance is running an unlicensed crypto exchange business. The company is therefore “criminally sanctioned under Section 66 of the Digital Asset Business Emergency Decree, ie a prison sentence of two to five years and a fine of 200,000 to 500,000 baht and a further daily fine of no more than 10,000 baht for each” day the infringement continues. “

Cayman Islands warn of Binance

The Cayman Islands Monetary Authority (CIMA) posted a notice on its website on Thursday stating that Binance is not authorized to operate a crypto exchange in the country. The message reads:

Binance, the Binance Group and Binance Holdings Limited are not registered, licensed, regulated or otherwise authorized by the agency to operate a cryptocurrency exchange from or within the Cayman Islands.

CIMA stressed that Cayman Islands-based companies must either be “registered or licensed in accordance with the Virtual Asset (Service Provider) Act, 2020” or “must be an existing regulated entity that has been granted an exemption by the agency”.

Recently, two other regulators issued warnings about Binance: the UK Financial Conduct Authority (FCA) and the Japanese Financial Services Agency (FSA).

What do you think of so many regulators coming to Binance? Let us know in the comment section below.

Tags in this story

Binance, Binance Exchange, Binance fca, Binance Warnings, Bitcoin Regulation, Cayman Islands Binance, Crypto Exchange, Crypto Regulation, fca Binance, fsa Binance, Thai Sec Binance, Thailand Binance

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