Binance helped Thai Police dismantle cryptocurrency scams

Binance helped Thai Police dismantle cryptocurrency scams

Binance, the world's top blockchain platform and digital asset infrastructure provider, helped the Royal Thai Police in two primary operations to dismantle criminal networks engaged in cryptocurrency scams.

Binance's efforts to protect user security and uphold regulatory compliance in the digital-asset ecosystem are reflected in these significant enforcement actions, the company said in a blog post.

Binance's Investigations Team reportedly worked closely with the United States to create the first, codenamed Binance. The Royal Thai Police's Cyber Crime Investigation Bureau and the Homeland Security Investigation Bureau are among those working on the cyber crime investigation.

The target was a criminal ring behind a 'pig butchering' scam - a hybrid investment-romance fraud that impacts novice investors. The fraudsters cultivated trust among the victim, attracting them into fraudulent investment platforms, and then displayed fictitious profits to induce further investments. The collaboration resulted in the arrest of five key members of this criminal enterprise and the confiscation of assets valued at around THB 10 billion.

Binance reportedly told the CCIB that over 3,200 victims have since sought compensation. Binance's involvement in this operation was highlighted at a CCIB press conference and award ceremony held on Sept. 18, 2023, where the Inspector of the High-Tech Crime Division, police Lieutenant Colonel Thanatus Kangruambutr, expressed appreciation for Binance's significant contribution to disrupting this criminal operation.

Binance reportedly helped in a separate operation to untangle a large-scale crypto fraud orchestrated by a vast network of transnational companies. The investigation involved the arrests of numerous suspects across various Thai provinces, including Bangkok, Samut Prakan, and Udon Thani, with the assistance of more than 200 Central Investigation Bureau officers. Binance's crucial intelligence enabled the seizure of ill-gotten assets such as luxury residences, top-tier vehicles, and cash.

Binance's head of financial crime Compliance, Tigran Gambaryan, said.

Binance's globally-renowned compliance and investigation team, consisting of regulatory agencies, senior investigators from recognized blockchain analysis firms, and law enforcement agents, has advanced substantial advancements in expanding its compliance capabilities.

Binance claims to have met and answered more than 103,000 law enforcement requests, demonstrating its commitment to promoting a safer and reliable digital-asset ecosystem.