Binance Aids Thai Police in Crackdown on Crypto-Related Criminal Networks

Binance, a prominent player in the blockchain and digital asset infrastructure sector, has played a pivotal role in aiding the Thai Police to crack down on criminal networks associated with significant crypto scams. These joint operations have led to the apprehension of key individuals and substantial asset recoveries.

Binance’s dedicated Investigations team actively aids law enforcement agencies worldwide in their battle against cybercriminal activities. This partnership is integral to Binance’s continuous endeavors to bolster user security and ensure adherence to regulatory standards within the digital asset domain.

Operation Trust No One

Binance’s Investigations unit closely collaborates with Thai law enforcement, assisting in cybercrime investigations, legal actions, and asset recovery. One particularly noteworthy case involved the disruption of a significant “pig butchering” scam that adversely affected numerous individuals in Thailand.

#Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI

— CZ 🔶 BNB (@cz_binance) October 3, 2023

Armed with actionable intelligence from Binance and cooperation from the U.S. Homeland Security Investigation (HSI), the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police took decisive action, leading to the arrest of five critical figures within the criminal network.

Additionally, assets worth about THB 10 billion ($277 million) were seized, including luxury vehicles, properties, land, and valuable assets. To date, more than 3,200 victims have come forward to seek restitution.

These “Pig butchering” scams primarily prey on inexperienced investors, using tactics to build trust and lure victims into fraudulent schemes. Perpetrators often manipulate platform interfaces to display fictitious profits, attracting victims to invest further. Moreover, victims may be forced to pay “withdrawal taxes,” only for scammers to vanish with their entire investment.

Acknowledging Binance Contributions

On September 18, 2023, CCIB held a press conference and commendation event, acknowledging Binance’s crucial role in dismantling the criminal network. At the event, Akbar A., Binance’s APAC Head of Investigations, expressed gratitude to partners for their steadfast support. Police Lt. Col. Thanatus Kangruambutr, Thailand’s Cyber Support Unit Inspector, praised Binance for combating scams and cybercrimes.

Binance also played a pivotal role in uncovering a large-scale crypto scam orchestrated by a transnational criminal network. This operation resulted in the apprehension of suspects across 30 locations, involving the coordinated efforts of over 200 officers from the CIB.

Binance provided indispensable intelligence, even dispatching an investigator to Thailand to secure the necessary arrest warrants. Subsequently, the Royal Thai Police seized illicit assets, including 16 opulent residences, 12 high-end vehicles, and THB 16 million ($440,000) in cash.

Setting the Bar for User Security

Binance’s collaboration with law enforcement highlights its commitment to fighting cybercrime, reinforcing Web3 security, and complying with global regulations. Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, emphasized their dedication to safeguarding users and fortifying cybersecurity.

In recent years, Binance invested heavily in compliance, boasting a top-tier global compliance and investigations team. They’ve fulfilled 103,000+ law enforcement requests, responding in an average of three days, surpassing traditional financial institutions’ speed.