Binance has recently come into collaboration with the Royal Thai Police to aid in the disbanding of major crypto fraudulent networks in Thailand, according to Binance official blog. Through two significant operations, the collaborative efforts have led to the arrest of key culprits and substantial asset seizures. These efforts are reflective of Binance’s proactive stance against cybercrimes and its commitment towards enhancing the security within the digital asset ecosystem.
The Binance Investigations team worked closely with Thai law enforcement, responding to requests for assistance in cybercrime investigations, prosecutions, and asset seizures. In a notable instance, a joint effort between the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police, Binance, and the U.S. Homeland Security Investigation (HSI) successfully dismantled a criminal ring involved in a significant pig butchering scam affecting thousands in Thailand. Leveraging intelligence from Binance and HSI, the CCIB arrested five principal members of the criminal group and seized assets valued at around THB 10 billion ($277M), encompassing luxury cars, homes, land, and other high-value items. Since the crackdown, over 3,200 victims have come forward seeking compensation for their losses.
In another operation, Binance played a critical role in the takedown of a large-scale crypto scam operated by transnational criminal networks. The probe led to the apprehension of suspects across 30 locations in Bangkok, Samut Prakan, and Udon Thani provinces, with more than 200 officers from the Central Investigation Bureau (CIB) involved. Binance not only provided vital intelligence to the police but also sent an investigator to Thailand to aid in the acquisition of an arrest warrant. This mission led to the seizure of illicit assets, including 16 luxury residences, 12 top-tier vehicles, and THB 16M ($440,000) in cash.
The collaborative law enforcement initiatives underscore Binance’s drive to combat cybercrime, bolster the Web3 ecosystem’s security, and ensure global regulatory compliance. Over the last three years, Binance has significantly ramped up its investments in compliance, boasting a global compliance and investigations team comprised of industry veterans. The concerted efforts with the Royal Thai Police reiterate the importance of cross-border collaboration in the fight against cybercrime, emphasizing the mutual commitment towards user protection and cybersecurity advancement.
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