SEC Thailand is keeping a tight leash on top exchanges Binance and Bybit amidst crypto crackdown
The Thailand Securities and Exchange Commission (SEC) is intensifying its crackdown on illicit digital assets service providers.
In a recent update, SEC Secretary-General Pornanong Busaratrakul announced that they will block access to such illegal platforms to curb financial crimes.
The SEC highlighted high-profile cases involving major exchanges like Binance and Bybit, which have been accused of operating without proper licenses. In December 2023, the SEC flagged Bybit and warned its users, but the exchange has remained operational.
Binance, notably, faced allegations in 2021 but has since established a regulated exchange in Thailand via a joint venture.
The SEC Thailand has advised users to completely withdraw their assets from unlicensed platforms, echoing similar actions taken in India and the Philippines.
As the SEC in Thailand intensifies its hunt for illicit operators, these platforms face imminent restrictions. Such regulatory policies aim to address concerns around cryptocurrencies.
It came to light in November 2023 that Binance founder Richard Teng, a former executive of Abu Dhabi’s Global Market regulator, had stepped down after pleading guilty to money laundering charges.
