The Securities and Exchange Commission (SEC) of Thailand announced, that it has filed a criminal case against one of the largest operators in the world, Binance. Specifically, for operating illegally in the country.
In fact, the SEC indicated that Binance operated its services in Thailand without a license through its website. Furthermore, according to the Commission, Binance has also requested Thais to use its services through its Facebook page ‘Binance Thai Community’. And that therefore makes it susceptible to criminal sanctions.
Mainly, the SEC said it had sent Binance a warning letter on April 5, requiring the company to send a written response. But, Binance did not comply with the request within the stipulated time.
Thailand’s SEC sues Binance
In effect, the SEC’s Thai lawsuit comes as Binance and its affiliates are under investigation. Or they have received warnings from regulators, including the United States, the United Kingdom, Japan, Malaysia, the Cayman Islands, and Singapore.
Nonetheless, Thailand’s action is one of the biggest so far against Binance. Since it is not just a warning, but a criminal charge.
To this end, the Thai Securities and Exchange Commission sent a criminal indictment against Binance to the Economic Crime Suppression Division of the Royal Thai Police. According to the SEC, Binance violated the laws of the country. In addition, the officer handling the case may choose to recommend it to a public attorney trained to process such matters.
«Only providers that have obtained the relevant licenses according to the law, can provide services related to trading, exchange, deposit, transfer, withdrawal or any transaction related to cryptocurrencies. Violators may be subject to sanctions according to the law ”.
Penalties for the crypto-asset exchange
Therefore, Binance can present sanctions such as imprisonment for a period of two to five years. In addition, a fine of approximately $ 6,000 to $ 15,000. And a fine of $ 310 per day, as long as the violation continues.
Because of this, Binance CEO and founder Changpeng Zhao tweeted the following message: “For those of you who have been supporting us, you know that we do not participate in discussions. We focus on solving problems, and we will. As always thank you for your trust and support. We will continue to grow together.
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. 🙏
– CZ 🔶 Binance (@cz_binance) July 2, 2021
Lastly, according to a Binance spokesperson, the company takes a collaborative approach with all regulators, and they are serious about complying with all regulations. From now on they will keep abreast of changes in policies, regulations and laws within this new space.
I say goodbye with this phrase from Socrates: “Each of us will only be fair to the extent that he does his part.”
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