Binance is being investigated by Thailand’s Securities and Exchange Commission for operating a digital business without a license.
The cryptocurrency industry is accused of operating illegally in the country.
Binance may face prison time as well as fines and penalties.
Thailand’s Securities and Exchange Commission has opened a criminal investigation into Binance (SEC). On Friday, July 2, the regulator issued a strong warning, accusing Binance of operating its crypto business illegally in the country. To put it another way, the agency accuses the global crypto firm of operating in the country without a valid license.
Binance was using its online platform and social media platforms to lure Thai individuals into cryptocurrency trading operations via the company’s website, according to Thailand’s SEC. Binance’s involvement was deemed illicit by the authorities, and the company faces arrest and prosecution.
On April 5, the agency sent Binance a formal letter requesting that it answer with a written explanation. The crypto business, on the other hand, did not respond within the time frame set.
The SEC’s inquiry comes at a time when the crypto exchange and its subsidiaries are under regulatory examination or have received warnings from authorities all over the world, including Singapore, Japan, the United Kingdom, the United States, and the Cayman Islands.
The Singapore Monetary Authority announced yesterday that it will launch a follow-up investigation into the business licenses granted to Binance affiliates operating in the nation. Binance Global is under investigation by a number of agencies throughout the world, prompting Singapore’s financial regulatory authority to take action.
The Singapore branch of Binance has been allowed a defined period of time to operate its company while the regulator investigates its license to provide crypto trading services. According to an official with the agency, numerous other companies are undergoing similar reviews while continuing to operate their services.
Because of mounting worries about the use of cryptocurrencies to perpetrate fraudulent operations and money laundering, different regulators from the United States to China have imposed a crackdown on the crypto business. Binance was barred from conducting crypto commerce in the United Kingdom, which is one of the most significant moves known today.
The Thai agency’s measures against Binance appear to be more serious, as it is not merely a warning, but a summons of a criminal case conducted by the national police against the crypto business. This indicates that the investigation has begun, and that a settlement could be reached in court, with judges deciding on the prosecution charges against Binance.
According to the authority, Binance violated the country’s cryptocurrency restrictions, which are codified in law. As a result, the corporate leaders could face charges that include a prison sentence of two to five years and a fine of $6,000 to $15,000, as well as a daily penalty of $310 while the trial is ongoing.
Binance has yet to respond to media representatives who have asked the company to comment on the situation. The cryptocurrency exchange has previously stated that it takes compliance commitments seriously and values teamwork when dealing with regulatory bodies./n
