Binance faces lawsuits in Thailand and Cayman Islands

Category: Asia Regulatory
Posted by AIBC Group

Two more major regulatory disputes are added to the list of drawbacks in Binance’s operations, as the exchange fails to comply with local laws

binancephoneBinance is now facing watchdog scrutiny in Thailand and the Cayman Islands, adding to a detrimental series of markets closing their gates for the world’s largest crypto exchange. Thailand’s Securities and Exchange Commission (SEC) filed a criminal lawsuit stating Binance were operating without a license and therefore illegally.

In early April, the regulator issued its first warning to Binance, which went without response. The foreseeable consequence is the SEC now attempting to ban Binance from the Thai market. Just a day after CIMA, the regulator of the Cayman Islands, declared Binance, the Binance Group and Binance Holdings illegitimate businesses, not authorised to operate in the country. CIMA emphasised it will investigate any other company associated with Binance as well.

Ever since Binance was founded in China before the crypto trading ban in 2017, the renegade company has been on a venture to find the right jurisdiction. The Cayman Islands and Seychelles had actually been their new home, from where they conducted operations all over the world.

In the past weeks, Japan, Canada, the US and the UK have issued warnings or partial bans on Binance, amounting to a substantial damage, even for an exchange considered too big to fall.

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