Binance, the world’s largest cryptocurrency exchange, is facing global regulatory measures. Previously, Barclaycard announced it would stop paying Binance by credit card, and now Thailand has joined the newest jurisdictions.

Top crypto exchange Binance under pressure from regulatory measures – SEC is prosecuting Thailand

The Thai Securities and Exchange Commission (SEC) has filed a criminal complaint against Binance, accusing it of illegal activities with digital assets. They claim that the business that Binance runs is not licensed. This started when the SEC first wrote a warning letter to Binance asking the company to explain its illegal activities. But Binance has been silent since then and has not responded.

Any violation of Thailand’s Digital Asset Trading Decree will result in up to 5 years imprisonment along with a fine of $ 500,000 or $ 15,500. Most recently, Binance also had to accept setbacks from other countries. Just last week the FCA banned them from offering derivatives to UK clients.

The leading cryptocurrency exchange Binance is under pressure from regulatory measures in many countries and regions

Japan’s securities regulator, the Financial Services Agency (FSA), issued a warning on June 25, indicating that Binance Holdings Limited is offering crypto exchange services to its customers.

In addition, the UK’s Financial Conduct Authority (FCA) issued a warning on June 26th that Binance Markets Limited (BML), which is part of the broader Binance group, is “Operational” approved to operate in the UK. “No other company within the Binance group has any form of UK authorization, registration or license to conduct regulated activities in the UK,” added: The group “appears to UK customers a wide range of products and services through one website, Binance to offer .com “.

Binance is also being scrutinized in Singapore and the Cayman Islands

According to the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, said:

“We are aware of the measures taken by other supervisory authorities against Binance and will monitor them if necessary.”

The MAS also confirmed that Binance Asia Services, a country-based company, is part of a group of exchanges that will operate as usual with their luck during the renewal. The regulator will allow companies in this group to conduct business as usual while it examines license applications.

Similarly, the Cayman Islands Monetary Authority (CIMA) has issued a public warning to Binance in the Caymans. Obviously saddened by some media claims that Binance is based in the Caymans, CIMA wrote:

“We would like to inform the public that Binance, Binance Group and Binance Holdings Limited have not been registered, licensed, regulated or authorized by any government agency to operate a cryptocurrency exchange from or within the islands. Cayman.”

The banking giant confirms the suspicions of many users of Barclaycard credit and debit cards and intercepts all payments from its customers to Binance. They said in an official statement that they have suspended all payments until further notice. Citizens believe they are doing this to protect their funds, this has been confirmed by Barclaycard on social media. Several Twitter users have expressed their displeasure with the intervention of the banking family. On the other hand, the bank clearly states that its actions have been influenced by the FCA’s move towards Binance.

In their defense, Binance claims that the FCA is interested in its UK division, also known as Binance Markets Limited, but not in its global operations. Given that, they said they were pretty dissatisfied with Barclaycard’s decision.

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