Thailand accuses Binance of operating without a license

The Thai Securities and Exchange Commission said that Binance was operating in the country without a license. The regulator filed a complaint with the national police’s anti-economic crimes division.

SEC files a criminal complaint against Binance for operating digital asset business without license https://t.co/hwQTXADaxs

— ThaiSEC_News (@ThaiSEC_News) July 2, 2021

During a subsequent review the regulator found that Binance provided exchange and trading services for digital assets through its site in violation of local law. In April 2021 the SEC sent a warning to the exchange, but did not receive a response.

“Only providers that have the relevant licenses may offer services related to the trading of digital assets, exchange, custody, transfer, withdrawal or any transactions involving digital assets. Violators may be held accountable under the law,” the statement said.

Representatives of the SEC noted that the police filing marks the start of a criminal process, under which the investigator will conduct an inquiry, \”before forwarding the case to the prosecutor who has jurisdiction to prosecute\”.

Earlier the Japanese Financial Services Agency issued a warning Binance for operating without a license.

On June 27 the British regulator prohibited the exchange’s local arm from carrying out any regulated activity without prior written approval from the agency.

On the same day the bitcoin exchange announced the termination of servicing residents of the Canadian province of Ontario. The company urged users to close all open positions by 31 December 2021.

On July 1, the Cayman Islands Monetary Authority initiated a probe into Binance.

Follow ForkLog news on Twitter!