Binance has faced a flurry of legal complaints and allegations from financial regulators regarding its activities. Thailand has become the latest country to file a complaint against the trading platform, accusing it of providing services to its citizens without proper regulations. According to local reports, Binance could be fined between 200,000 and 500,000 baht for its activities.
Binance incurs the anger of Thai regulators
The Securities Commission of Thailand revealed last week a formal complaint against Binance for operating an unauthorized digital business in its jurisdiction. The financial regulator disapproves of the methods that Binance has used to promote its services within the country.
It alleges that Binance had lured Thai residents to use its services via its website and dedicated Facebook page. “Binance has solicited the public and Thai investors to use its services, either through its website or through its Facebook page: Binance Thai Community.
The Thai SEC also stated that it had tried to resolve the issue via dialogue but Binance failed to respond to their requests. “On April 5, 2021, the SEC issued a warning letter asking Binance to submit a written response, but Binance did not submit a response within the allotted time”
According to local reports, this act of transgression is considered criminal, leading to jail time of two to five years or a fine of between 200,0000 to 500,000 baht. Binance is expected to pay the financial implication levied against them due to the huge profits it makes from the products and services it offers.
Binance CEO Unfazed with recent controversies
Binance is having a tough week at the moment, with so many national jurisdictions targeting the platform for various legal reasons. However, the CEO. Changpeng Zhao (CZ) is unfazed by the controversies.
He declared on Twitter that the company is focused on solving problems faced than involving in debates or disagreements. “For those who have been with us and supporting us, you know we don’t get involved in debates or disagreements. We are solely focused on solving problems, just as we always do. Thank you for your unflinching support. We will continue to grow and do exploits together- CZ Binance (@cz_binance) July 2, 2021. He wrote
Despite the allegations, Binance appears to be moving ahead with its developments and expansion plans.