Binance, one of the world’s largest cryptocurrency exchanges, has been forced to suspend trading in Thailand following a regulatory crackdown.
The Thai Securities and Exchange Commission (SEC) issued a statement on Thursday (14th February) announcing that it had ordered Binance to cease trading in the country.
The SEC said that Binance had failed to register with the regulator and was therefore operating “illegally”.
Binance has not yet responded to the SEC’s order but it is likely that the exchange will comply. This is not the first time that Binance has been forced to suspend trading in a country due to regulatory pressure.
In 2018, Binance was forced to halt trading in Japan after the country’s financial regulator issued a warning to the exchange.
NOTE: WARNING: The use of Binance in Thailand is prohibited. It is illegal to use Binance or any other cryptocurrency exchange service in Thailand. Any attempt to do so may result in legal action being taken against the user.
Binance is not the only cryptocurrency exchange to have been Targeted by Thai regulators. In 2018, the SEC also ordered local exchanges Bitcoin Co.
Ltd and Coins TH Co. Ltd to cease trading.
The SEC’s latest move against Binance highlights the increasing scrutiny that cryptocurrency exchanges are facing from regulators around the world.
In Thailand, Binance was operating without a license, which is required by exchanges under Thai law. The SEC said that it had repeatedly warned Binance about its lack of compliance with regulations.
The SEC’s order means that Thai investors will no longer be able to trade on Binance. This could have a significant impact on the prices of cryptocurrencies listed on the exchange as demand from Thai investors dries up.
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