Binance now under the watchdog of Thai SEC and Cayman Island

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Written on Jul 2, 2021

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Regulators in Thai and Cayman Island have warned Binance about its operations in their country.
Thai SEC says Binance is not properly licensed to carry out operations in the country.
Singapore is also using tight scrutiny on the operations of Binance and other crypto exchanges.

Thailand and Cayman Island have added to the growing list of countries that have put cryptocurrency exchange Binance under scrutiny.

Both countries have started investigating the exchange, which is taking note of developments elsewhere and want to follow suit.

The USA, UK, Germany, and Japan have all set their regulatory channels to investigate the activities of Binance. Earlier this week, British users complained that they were facing difficulties using fiat on/off ramps and credit cards while using the Binance platform. However, the exchange later announced that the issue was solved. Additionally, it recently stopped offering its services to users based in Ontario, Canada.

A public warning issued to Binance

The Thai authority said it filed a criminal complaint against Binance because the exchange was carrying out operations without a license.

According to the Thai SEC, it issued a warning letter to the exchange in April, requiring it to submit a written response but Binance did not submit the response within the given period.

Also, the regulatory Cayman Islands Monetary Authority (CIMA) has issued a public warning to Binance following some claims that the company is Caymans-based.

Singapore also monitory the exchange’s situation

Singapore’s financial authority and its central bank have also intensified efforts to regulate and monitor the exchange.

The regulator also stated that Binance Asia Services, which operates in the country, is among the exchanges operating with a grace period.

The Monetary Authority of Singapore (MAS) also stated that it will still enable companies in the group to operate their business while looking into applications for operating permits.

Based on the MAS document, Binance and other exchanges such as Bitstamp and Gemini have indicated their interest to offer digital payments token services.

Tight scrutiny of crypto exchanges

Binance Asia Services noted that its Singapore business is a separate entity and does not provide any products or services through the Binance.com website. Binance added.

We are actively keeping abreast of changing policies, rules, and laws in this new space.

Meanwhile, the MAS stated that it is making use of “robust standards” to review any application. It added that crypto exchanges will be placed under tight scrutiny during the ongoing supervision and licensing process.