Binance joins hands with Thai Police to dismantle crypto scams

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Binance joins hands with Thai Police to dismantle crypto scams

Binance, the world's leading blockchain ecosystem and digital asset infrastructure provider, has recently collaborated with Royal Thai Police in two key operations to dismantle criminal networks engaged in crypto scams.

Binance's significant enforcement actions, such as the arrest of principal members and substantial asset seizures, underlines Binance's commitment to buttressing user security and upholding regulatory compliance in the digital-asset ecosystem, he wrote in a blog post.

Binance's investigation team has reportedly worked closely with the U.S. in the first of such operations. The Royal Thai Police's Homeland Security Investigation Bureau and the Cyber Crime Investigation Bureau are among those that are being investigated by the Department of Homeland Security.

Their target was a criminal ring behind a 'pig butchering' scam - a hybrid investment-romance fraud that impacts novice investors. The fraudsters gained trust with victims, stealing them into fraudulent investment platforms, and then showing 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 worth around THB 10 billion.

Binance said that over 3,200 victims have sought compensation, including those who have lost their jobs. Binance's role in this investigation was highlighted at a CCIB press conference and award ceremony on Sept. 18, 2023, where the inspector of the High-Tech Crime Division, police Lieutenant Colonel Thanatus Kangruambutr, expressed gratitude for Binance's significant contribution to disrupting this criminal operation.

Binance reportedly helped eradicate a large-scale crypto fraud orchestrated by a massive network of transnational companies in a separate operation. The investigation resulted in 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 made the seizure of ill-gotten assets such as luxury residences, top-notch vehicles, and cash possible.

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

Binance's globally recognized compliance and investigation team, consisting of regulatory experts, senior investigators from notable blockchain analysis firms, and law enforcement agencies, has made substantial strides in fortifying its compliance capabilities.

Binance has answered and helped over 103,000 law enforcement demands over the past three years, proofing to its commitment to promoting a safer and trustworthy digital-asset ecosystem.