Binance, the world's leading blockchain ecosystem and digital asset infrastructure provider, has recently collaborated with the Royal Thai Police in two significant operations aimed at dismantling major crypto fraudulent networks in Thailand. The operations resulted in the arrest of key culprits and substantial asset seizures, underlining Binance's proactive stance against cybercrimes and its commitment to enhancing security within the digital asset ecosystem.
The first operation, codenamed 'Trust No One,' saw Binance's Investigations team working closely with the U.S. Homeland Security Investigation (HSI) and the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police. The target was a criminal ring involved in a 'pig butchering' scam that affects novice investors. This hybrid investment-romance fraud involves cultivating trust with victims, drawing them into fraudulent investment platforms, and then displaying fictitious profits to induce further investments. The collaboration led to the arrest of five principal members of this criminal group and the seizure of assets valued at around THB 10 billion ($277M). According to the CCIB, over 3,200 victims have since sought compensation.
Binance's role in this operation was highlighted at a CCIB press conference and award ceremony held on September 18, 2023. 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.
In a separate operation, Binance also helped unravel a large-scale crypto fraud orchestrated by a vast network of transnational entities. The probe led to the arrests of numerous suspects across various Thai provinces such as Bangkok, Samut Prakan, and Udon Thani. Over 200 Central Investigation Bureau (CIB) officers assisted in these arrests. Ill-gotten assets including luxury residences, top-tier vehicles, and cash were seized, thanks to Binance's crucial intelligence.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, commented on the operations, stating, "Our team-up with Thai law enforcement champions our mutual commitment to the protection of users and the advancement of cybersecurity. We will persist in partnering with authorities across the globe, ensuring we do our part to restore trust in the digital-asset ecosystem."
Binance has made considerable strides in fortifying its compliance capabilities, boasting an industry-leading global compliance and investigations team comprising regulators, senior investigators from distinguished blockchain analysis firms, and law enforcement agents. Over the past three years, Binance claims to have fulfilled and assisted in over 103,000 law enforcement requests, testifying to its commitment to promoting a safer and trustworthy digital-asset ecosystem.
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