Binance faces another regulatory setback as Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against the cryptocurrency exchange for illegally offering services in the country. Earlier today, the Cayman Islands Monetary Authority said that it started an investigation against the exchange for operating in their jurisdiction. The crypto exchange giant has recently faced regulatory scrutiny as earlier UK FCA also issued a similar warning.
SEC alleges Binance is illegally offering services in the country.
“Following tips and the SEC’s further inspection, it was found that Binance has provided platform services for trading or exchanging digital assets via its website by matching orders or arranging for the counterparties or providing the system or facilitating entry into an agreement or match the order for persons who wish to trade or exchange digital assets,” Thailand SEC’s official announcement stated. The financial watchdog detailed that it had also issued a warning letter against Binance on April 5, but the crypto exchange did not provide any response.
Binance also received a regulatory warning from the Cayman Islands and the UK.
Earlier today, the British overseas territory of the Cayman Islands targeted the crypto exchange Binance and its operation. A public statement issued by the Cayman Islands Monetary Authority (CIMA) noted, “The Cayman Islands Monetary Authority wishes to inform the public that Binance, the Binance Group, and Binance Holdings Limited are not registered, licensed, regulated, or otherwise authorized by the Authority to operate a cryptocurrency exchange from or within the Cayman Islands.” Before the Cayman Islands, the UK’s financial regulator FCA issued a warning to Binance Markets Limited and the Binance Group, making it clear that Binance Markets Limited could not operate in the country as it is currently doing.