Binance, the world's leading blockchain provider and digital asset infrastructure provider, recently helped Royal Thai Police in two primary operations to dismantle criminal networks engaged in crypto scams.
Binance said these significant enforcement actions, such as the arrest of principal members and substantial asset seizures, reinforce Binance's dedication to buttressing user security and upholding regulatory compliance in the digital-asset ecosystem.
Binance's Investigations team reportedly worked closely with the U.S. in the first of these operations. The Royal Thai Police's Homeland Security Investigation Bureau and the Cyber Crime Investigation Bureau are among those involved in the investigation.
Their target was a criminal ring behind a 'pig butchering' scam - a hybrid investment-romance fraud that impacts novice investors. The fraudsters cultivated trust with victims, introducing them into fake investment platforms, and then exhibited fictitious profits to incentivize further investments. The collaboration resulted in the arrest of five key members of this criminal enterprise and the confiscation of assets worth around THB 10 billion.
Binance said that more than 3200 victims have been retaliating against the banks, according to the CCIB. Binance's role in this operation was highlighted at a CCIB press conference and award ceremony in Sept. 18, 2023, where the Inspector of High-Tech Crime Division, Police Lieutenant Colonel Thanatus Kangruambutr, expressed appreciation for Binance's significant contribution to disrupting this criminal operation.
Binance reportedly helped desolve a massive scale of cryptocurrency fraud orchestrated by a vast network of transnational individuals in a separate operation. The investigation led to the arrests of numerous suspects in various Thai provinces, including Udon Thani, Samut Prakan, and Bangkok, with the assistance of more than 200 Central Investigation Bureau officers. Binance's crucial intelligence facilitated 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 top-notch compliance and investigation team comprises regulatory authorities, senior investigators from diverse blockchain analytics firms, and law enforcement agents, as well as an industry-leading global compliance and investigation team.
Binance has consistently answered and helped more than 103,000 law enforcement requests over the past three years, demonstrating its commitment to fostering a safer and trustworthy digital-asset ecosystem.