Thai SEC intensifies crackdown on unauthorized digital asset service providers.
Binance and Bybit are highlighted as major platforms operating without proper licenses.
SEC advises users to withdraw assets from unlicensed platforms.
The Thai Securities and Exchange Commission (SEC) is intensifying its crackdown on unauthorized digital asset service providers. SEC Secretary-General Pornanong Busaratrakul announced that the commission actively blocks access to these illegal platforms to curb financial crimes.
The SEC pointed to similar cases with major platforms, such as Binance and Bybit, accused of operating without proper licenses. Binance, in particular, faced accusations in 2021 but later established a regulated exchange in Thailand through a joint venture. Furthermore, Bybit, flagged by the SEC in December 2023, continues to operate despite regulatory issues.
The Thai SEC has advised users of unlicensed platforms to withdraw their assets promptly, echoing similar measures taken in India and the Philippines. The Philippine SEC chair, Emilio Aquino, stated on April 23 that Binance’s actions violated securities regulations. In light of this, the agency instructed tech companies to remove the Binance app from digital marketplaces.
This move followed Philippine’s recent blocking of “Binance websites by the SEC and the National Telecommunications Commission (NTC) on March 25.” In January 2024, Binance was one of the nine cryptocurrency exchanges banned in India for failing to observe FIU and PMLA guidelines.
While the Thai SEC seeks to hunt down unauthorized operators, the specific platforms facing impending restrictions remain unclear.
These developments mirror regulators’ delicate balance when addressing crypto-related issues. For example, Hong Kong’s Securities and Futures Commission has intended to approve crypto ETFs. At the same time, the agency is taking steps to enforce licensing requirements to combat investment fraud.
Furthermore, this action by the Thai SEC adds to Binance’s ongoing financial issues. In November 2023, the company’s CEO, Changpeng Zhao, was replaced by Richard Teng, the former head of the Abu Dhabi Global Markets regulator. The Binance founder voluntarily stepped down after pleading guilty to money laundering charges.
Meanwhile, the Central Bank of Nigeria (CBN) has identified Binance, KuCoin, and OKX as unauthorized crypto operators within the country.
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