Binance Collaborates with Thai Authorities to Dismantle Criminal Rings and Protect Users
- Binance works closely with Thai law enforcement agencies, including the Royal Thai Police’s CyberCrime Investigation Bureau (CCIB), and assists in dismantling criminal operations.
- A notorious “pig butchering” scam that targeted novice investors was successfully disrupted, resulting in the arrest of five key members and the confiscation of assets valued at THB 10 billion ($277M).
- Over 3,200 victims sought compensation after the arrests.
- Binance’s collaboration helps uncover a large-scale crypto scam involving transnational criminal entities, leading to numerous arrests and asset seizures.
- Binance’s proactive role underscores its commitment to user security, cybersecurity, and the cryptocurrency industry’s fight against cybercrime, setting high standards for a safe digital-asset ecosystem.
Binance’s Investigations team has been at the forefront of recent operations, collaborating closely with Thai law enforcement agencies.
One of the most remarkable cases involved the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police joining forces with Binance and U.S. Homeland Security Investigation (HSI) to dismantle a criminal ring behind a notorious “pig butchering” scam.
This scam had affected thousands of individuals in Thailand, particularly targeting novice investors.
Armed with intelligence provided by Binance and HSI, the CCIB successfully arrested five key members of the criminal group and confiscated assets valued at approximately THB 10 billion ($277M).
These assets included luxury cars, homes, land, and other high-end items. Notably, over 3,200 victims have come forward seeking compensation following these arrests.
“We appreciate Binance’s significant contribution to the disruption of this criminal group. Binance remains an essential ally in our combat against scams and cybercrimes.” – Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit, Royal Thai Police.
Dismantling Transnational Criminal Networks
In another operation, Binance’s involvement helped unravel a large-scale crypto scam orchestrated by a vast network of transnational criminal entities.
This operation led to the apprehension of suspects spread across 30 sites in Bangkok, Samut Prakan, and Udon Thani provinces.
Over 200 officers from the CIB were involved in these arrests.
Beyond providing crucial intelligence, Binance dispatched an investigator to Thailand to assist in securing arrest warrants.
This collaborative effort empowered the Royal Thai Police to confiscate illicit assets, including 16 luxury residences, 12 top-tier vehicles, and THB 16 million ($440,000) in cash.
“We are pleased with the assistance provided by Binance. Our team-up with Thai law enforcement champions our mutual commitment to the protection of users and the advancement of cybersecurity.” – Police Lieutenant Colonel Panuphat Kittiphan, Deputy Superintendent, Technology Crime Suppression Division.
Setting the Standards of User Security
Binance’s collaboration with law enforcement agencies aligns with its commitment to combating cybercrime, enhancing Web3 ecosystem security, and ensuring global regulatory compliance.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, emphasized the company’s dedication to user protection and cybersecurity.
“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.” – Tigran Gambaryan, Binance’s Head of Financial Crime Compliance.
Binance’s proactive role in assisting Thai authorities serves as a shining example of how the cryptocurrency industry is taking concrete steps to combat cybercrime and protect users.
By collaborating with global law enforcement agencies, Binance sets high standards for user security and contributes to the ongoing development of a safe and trustworthy digital-asset ecosystem.