Reports from recent shows, an increasing number of regulatorscoming after Binance.
News from a known sources shows that the Thailand Securities and Exchange Commission (SEC) has filed a criminal complaint against the crypto exchange after the authorities in the Cayman island, the united kingdom and Japan also issued similar warnings on Binance and other exchange companies.
The question is Why?
Thailand’s Regulators Files Criminal Complaint on Binance
An announcement was made on Friday that the Thai Securities and Exchange Commission “has filed a criminal complaint against Binance…. With the economic Crime suppression Division of the Royal Thai Police (ECD).” According to the report by SEC: ” Binance has solicited the Thai public and investors to use its services, either via its website or Facebook page: Binance Thai Community.”
This was after the security made a statement “that they already sent a letter of complaints to the Binance exchange company on April 5 but the company failed to meet the deadline set by thesecurity regulators.”
The SEC made the statement that the Binance exchange company is operating without a license thereby liable to criminalsanction under section 66 of the Digital Asset Business and Emergency Decree and the punishment would be an imprisonment term of 2 to 5 years and a fine of 200,000 to 500, 000 baht every day, during which the contravention continues”
Cayman Island Gives tough warnings to Binance
Published on Thursday on its official website is the notice that Cayman Island Monetary Authority (CIMA) notices stating that the Binance exchange company can no longer carry out their crypto exchange in the country.
The notice state that;
“Binance, the Binance Group and Binance Holdings Limited are not registered, licensed, regulated or otherwise authorised by the authority to operate a crypto-currency exchange from or within the Cayman Islands.”
CIMA made the statement known that the companies incorporated in the Cayman island must be registered or licensed per the Virtual Asset (Service Providers) Act, 2020 “ or be “an existing regulated entity that has been granted a waiver by the authority.”
Not quite long is a complaint against Binance by: the U.K.’s Financial Conduct Authority (FCA) and Japan’s Financial Services Agency (FSA).