Binance faces further crackdowns as Thai SEC files a criminal complaint against the world's largest crypto exchange

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Binance faces further crackdowns as Thai SEC files a criminal complaint against the world's largest crypto exchange
Binance CEO, Changpeng Zhao. REUTERS/Darrin Zammit Lupi
  • Thailand's SEC has filed a criminal complaint against Binance, Reuters first reported.
  • "It was found that Binance has provided platform services for trading or exchanging digital assets via its website," the SEC said.
  • The agency said only licensed firms are allowed to operate and provide digital asset trading services in the country.

Thailand's Securities and Exchange Commission on Friday has filed a criminal complaint against cryptocurrency exchange giant Binance for operating a business without a license, Reuters first reported.

"It was found that Binance has provided platform services for trading or exchanging digital assets via its website," the SEC said in a statement. "The aforementioned activities of Binance is liable to operating digital asset business in the category of digital asset exchange without license."

The agency said digital asset trading services in the country can only be offered by licensed firms.

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The commission on April 5 had already warned Binance in a letter but received no response, it said in a statement, leading to the complaint against the company.

Violators, it said, may be liable to penalties under the law.

Thailand's complaint is the latest in a string of clampdowns against the cryptocurrency exchange, and appears to be the most severe.

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On June 27, Britain's financial watchdog warned that Binance is not permitted to operate in the country without its express approval.

Prior to this, Binance was also forced to draw down operations in Ontario by year end and received a warning in Japan for failing to register with the country's regulator.

On April 29, Germany's financial regulator also warned Binance that it risked being fined for offering its securities-tracking digital tokens without an investor prospectus, Reuters reported.

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