Binance has helped Thai law enforcement in two operations involving major crypto scams.
The teamwork successfully led to the dismantling of criminal networks that were behind these scams.
The efforts done by Binance’s Investigations team seeks to enhance user security and uphold regulatory compliance in the digital-asset ecosystem. In Thailand, they played a crucial role in aiding the Royal Thai Police in the successful arrest of the criminals behind notorious scams that involved cryptocurrencies.
The crackdown was on criminal networks that relied on digital assets to move funds in the country. The operation called ‘Trust No One’ saw the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police teaming up with Binance and the US Homeland Security Investigation (HSI) to dismantle a criminal ring behind a significant pig butchering scam that had impacted thousands of people in Thailand.
Pig butchering scams are hybrid investment-romance fraud that primarily preys on novice investors using an array of tactics to cultivate trust. The perpetrators eventually entice victims to deposit assets into fraudulent investment platforms. They then display fictitious profits on the platform interface to lure people, motivating further investments. Victims are also deceived into paying additional sums like “taxes” for funds withdrawal, only to run away with all their invested money.
In a press conference and award ceremony that commended the success of the operation, Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit in the High-Tech Crime Division at Thailand’s Cyber Crime Investigation Bureau, remarked: “We appreciate Binance’s significant contribution to the disruption of this criminal group.
“The rise of crypto scams in recent years has resulted in financial damage of hundreds of millions in Thailand. Yet, through prompt information exchange with key partners, including the Binance Investigations team, this successful operation resulted in the arrests of the criminals. Binance remains an essential ally in our combat against scams and cybercrimes. We value this partnership and look forward to continuing it.”
The other operation focused on the crackdown of a large-scale crypto scam orchestrated by an expansive network of transnational criminal entities. The success of the same led to the apprehension of suspects spread across 30 sites in Bangkok, Samut Prakan, and Udon Thani provinces.
Here, Binance supplied the police with crucial intelligence that facilitated these arrests. It also dispatched an investigator to Thailand to aid in securing the arrest warrant, ultimately leading to the confiscation of illicit assets. This consisted of 16 luxury residences, 12 top-tier vehicles, and THB 16 million ($440,000) in cash.
Binance has recently bolstered its efforts in cooperative law enforcement initiatives to combat cybercrime, increase the security of the Web3 ecosystem, and ensure global regulatory compliance. Its investigation teams include professionals with backgrounds as regulators, senior investigators from distinguished blockchain analysis firms, and law enforcement agents who are known for leading some of the largest cybercrime investigations.
The exchange also claims to have fulfilled and assisted in over 103,000 law enforcement requests with an average of three days response time over the last three years. Its Head of Financial Crime Compliance,
Tigran Gambaryan, said: “We draw immense pride from the collaborative actions of the Binance Investigations team and the Royal Thai Police. Our sustained effort brought tangible results, reiterating how genuine security is not hemmed in by geographical limitations. 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.”
