Since Binance, the premier website for bitcoin trading, has been providing Thai language support to Thai investors for years. Recently, they announced that they would withdraw aid to Thais.
According to a post on the BNB Thailand page, the post contains a photo of the notice, which appears to have been sent to the email. According to the details, Binance will stop offering Thai language services on November 19th. Part of the letter says
“We know this is bad news for Thai fans and we are working with local lawmakers to address this issue.”
The page speculates that the cause of the incident may be a problem between Binance and the Thai SEC and that the Thai language should be removed first. Otherwise, it would be solicited by a Thai investor and would be considered illegal.
However, this announcement did not indicate how Binance would stop offering services to Thais. So this time has the effect that users will not be able to use the Thai menu after the 19th.
Earlier, on July 2, Siam Blockchain reported that the Securities and Exchange Commission (SEC) of Thailand had issued a statement accusing Binance of providing illegal services.
“The U.S. Securities and Exchange Commission has filed a complaint against Binance, a cryptocurrency trading platform provider. If you violate the Royal Law on Digital Asset Business, BE
The US Securities and Exchange Commission (SEC) has filed a whistleblower and has detected that Binance is operating a digital asset trading or trading platform. Invite the public and Thai investors to use the service through the Binance website and Facebook page by matching or finding counterparties, organizing systems, or promoting people who want to trade or exchange digital assets through the Binance website. do. Thailand On April 5, 2021, the SEC sent a letter to Binance to clarify the information, but Binance did not do so within the stipulated time frame.
The aforementioned actions of Binance constitute an unauthorized digital asset trading business. This is illegal as a violation or non-compliance with Article 26 and should be punished according to Article 66 of the Digital Asset Business Act. You will be sentenced to 2-5 years in prison. The SEC accused Binance of further investigation and prosecution with the SEC, with fines of between 200,000 and 500,000 baht per day and not more than 10,000 baht per day for the entire duration of the violation.
Also, the SEC’s allegations are only the beginning of criminal enforcement proceedings. Determining who the perpetrator is in this process is the procedure of the investigative body of the investigator and the prosecution order of the prosecutor. And it is at the discretion of the courts.
The U.S. Securities and Exchange Commission (SEC) has reiterated that the digital asset business is a business regulated by the Digital Assets Act. A person who offers transactions, exchanges, deposits, transfers, withdrawals or transactions related to digital assets. Must be a person authorized by the above mentioned laws. Violators may be punished according to the law. “
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