Thai SEC files criminal complaint against Binance over unregistered operations

Quick Take

  • Thailand’s financial regulator has filed a criminal complaint against Binance over unregistered operations.
  • The action seems one of the most significant ones against Binance as this is not just a warning but a criminal complaint.

Thailand's Securities and Exchange Commission (SEC) announced Friday that it has filed a criminal complaint against Binance over unregistered operations.

The SEC said Binance has operated a cryptocurrency exchange business in Thailand via its website without a license. Binance has also solicited the Thailand public to use its services via either its website or the Facebook page "Binance Thai Community," and thus is liable to criminal sanctions, according to the SEC.

The regulator said it sent Binance a warning letter on April 5 requiring the exchange to submit a written response, but it failed to reply within a specified time.

The SEC's announcement comes at a time when Binance and its affiliates are under scrutiny or have received warnings from global regulators, including the U.S., the U.K., Japan, the Cayman Islands, and Singapore. But Thailand's action appears to be one of the most significant actions to date against Binance since it is not just a warning but a criminal complaint directed at the exchange.