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Binance is being criminalized by Thai regulators

Binance is being criminalized in a lot of countries. 1st it was warned by the FCA in the UK and now Thai regulators have registered a criminal complaint against it. This was also for the same reason that the FCA warned Binance for. Thailand officials have said that the exchange was operating there without any license which is why the trouble. The SEC of the country said that Binance’s business of digital assets needs a proper license to offer services there.

Binance being negligent

Maybe being the largest crypto exchange globally has gotten to them, but Binance has been pretty negligent. The Thai regulators have said that they gave Binance a warning regarding the matter in April. But unfortunately, Binance didn’t give any reply and they had to file a criminal complaint. They also added that only firms with licenses authorized by the government are allowed to operate in the country.

Binance

Binance when asked about the same declined to answer the same. But they did say something about working with the regulators of Thailand to fix things and comply with all the regulations. Even Japan and Germany have been high on their heels against Binance. Japan also alleged that Binance has been operating illegally there. On the other hand, Germany said that Binance was about to be fined because it offered tokens related to stocks.

The latest complaint

The complaint registered against Binance could lead to fines and also prosecution. After the proper investigation, Binance can face a penalty of 2-5 years of imprisonment and also a daily fine of up to 10,000 baht(~$320). I don’t think Binance will care about the fine but the main problem is will it be able to continue its operations. It has been facing a lot of problems in many countries. So Binance should be a little cautious regarding matters like these.


What are your thoughts on Binance being criminalized for illegal operations in Thailand? And do you think things will be sorted out or Binance will be prosecuted? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.

Also Read: EFI token registered over $20 million in sales after NFT boost

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