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Securities and Exchange Commission of Thailand (SEC): Criminal complaint against Binance

Following allegations by the Financial Services Authority of Japan (FSA) regarding the illegal activities of Binance, the UK Financial Conduct Authority (FCA) and the UK ban, the Monetary Authority of Singapore (MAS) and the Cayman Islands Financial Regulator (CIMA), the illegal activities of Binance have turned colors in Thailand.

The Securities and Exchange Commission of Thailand (SEC) stated that Binance operates in the country without a license (as in other countries of the world). The regulator filed a criminal complaint which was made publicly available on the official Securities and Exchange Commission of Thailand (SEC) website. SEC officials said the lawsuit is the beginning of a criminal proceeding under which an inquirer will investigate "before referring the case to a prosecutor with prosecutorial authority."


 



"Only properly licensed providers may provide services related to digital asset trading, exchanging, storing, transferring, withdrawing, or any transaction involving digital assets. Violators can be prosecuted in accordance with the law," the statement said.

According to a press release from the SEC of Thailand, the regulator found during an additional inspection that Binance provided digital asset exchange and trading services through its website in violation of local law. The SEC sent a warning to the exchange in April 2021 but received no response.

SEC files criminal complaint against Binance for doing business with digital assets without a license

Bangkok, July 2, 2021 - The Securities and Exchange Commission (SEC) has filed a criminal complaint against Binance, the provider of a digital asset exchange platform, to the Economic Crime Division of the Royal Thai Police (ECD) for committing an offense under the Emergency Decree on Digital Asset Companies B. E. 2561 (2018).

Following the advices and further SEC scrutiny, it was determined that Binance provided platform services for trading or exchanging digital assets through its website by matching orders or arranging for counterparties or providing a system or facilitating an agreement or order match for individuals who wanted to trade or exchange digital assets. In doing so, Binance has asked the Thai public and investors to take advantage of its services either through its website or through its Facebook page:

Binance Thai Community. On April 5, 2021, the SEC issued a warning letter requiring Binance to file a written response, but Binance failed to file a response within the time specified.

The above-mentioned activities of Binance involve conducting a digital asset business in the digital asset exchange category without a license, which is a violation or non-compliance with Section 26 and subject to criminal penalties under Section 66 of the Emergency Decree on Digital Asset Business, i.e. imprisonment for two to five years and a fine of 200,000 to 500,000 Baht and an additional daily fine not exceeding 10,000 Baht for each day during which the violation continues. Therefore, the SEC has filed a criminal complaint against Binance with the ECD for further investigation and trial.

In any case, the filing of a criminal complaint is the beginning of a criminal proceeding in which the investigating officer will investigate before recommending the case to the state prosecutor, who is authorized to prosecute. However, the power to decide whether a person is guilty or not rests with the court.

The SEC would like to emphasize that the digital asset business is regulated by the Emergency Digital Asset Business Ordinance. Only providers licensed under the Act are permitted to provide services related to digital asset trading, exchanging, depositing, transferring, withdrawing funds, or any transaction involving digital assets. Violators may be prosecuted under the law.

A list of licensed business operators of digital assets is available at www.sec.or.th and SEC Check First Statement. For inquiries or tips related to suspicious activity, please contact the SEC's Community Services Center at 1207 hotline for further in-depth investigation.
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