Bitcoin Daily: Binance Faces Regulatory Scrutiny; Foreign Crypto Exchanges Could Soon Pay GST Tax In India; Bitcoin Rewards Platform Bling Lands Seed Funding

Binance is facing a criminal complaint from a financial regulator in Thailand for running a digital asset business without permission, Reuters reported Friday (July 2). Thailand’s Securities and Exchange Commission (SEC) of that country announced in a statement, as per the outlet, that the firm has been running a digital asset operation “in the category of a digital asset exchange” sans a license. A representative of the firm noted that the firm aims to work with watchdogs collaboratively and is conscientious about its compliance obligations, as per the outlet. The commission reportedly cautioned the firm about its actions in a letter earlier this year.

That report comes as the financial regulator in Singapore said it would reach out as needed with Binance Holdings Ltd.’s local division as the digital currency industry is amid a regulatory clampdown with governments in different countries, Bloomberg reported Thursday (July 1). In the words of the outlet, Binance Asia Services Pte. has a “grace period” to run in Singapore as the Monetary Authority of Singapore (MAS) looks over its request for a license to offer online payment token offerings. A MAS official told the outlet that many different firms are facing a similar evaluation and can keep running for now.

In other news, digital currency exchanges outside of India that have clients in the county could have to pay GST in the near future, The Economic Times reported Friday (July 2). Nearly every transaction that has to do with Indian consumers buying merchandise and services garners GST. However, nearly every exchange beyond India does not presently pay the levy, as per the news outlet. At the present time, the department of indirect taxes is seeing if these platforms have to pay the tax in the nation since “they provide certain ‘data’ services,” in the words of the outlet.

And Bling, which lets game programmers reward users with bitcoin, wrapped up a seed round to continue to build out its platform and expand its workforce, according to a Friday (July 2) release. Coinbase Ventures made a “strategic investment” in the round, as per the announcement. “The Bling platform has seen tremendous organic growth in less than two years, boasting over 5 million registered users and over a million monthly active users,” according to the announcement. The round’s amount was not disclosed in the announcement.