Crypto Quill

Binance, the world’s leading blockchain ecosystem and digital asset infrastructure provider, has announced its collaboration with the Royal Thai Police to crack down on criminal networks that use digital assets to conduct fraudulent activities. The partnership has resulted in the arrest of several key suspects and the seizure of assets worth over $277 million.

Binance Provides Intelligence and Expertise to Thai Law Enforcement

According to a press release from Binance, the company’s Investigations team has been working closely with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police, responding to their requests related to cybercrime investigations, prosecutions, and asset seizures. Binance has also partnered with the U.S. Homeland Security Investigation (HSI) to provide intelligence and expertise to the Thai authorities.

One of the notable cases that Binance assisted in was the dismantling of a criminal ring behind a large-scale pig butchering scam that affected thousands of people in Thailand. Pig butchering scams are a type of hybrid investment-romance fraud that target novice investors, luring them to deposit assets into fake investment platforms and then disappearing with their money.

The operation, codenamed “Trust No One”, led to the arrest of five principal members of the group and the confiscation of various assets valued at around THB 10 billion ($277 million), including luxury cars, homes, land, and other items. Since the operation, over 3,200 victims have come forward to seek compensation.

Binance Commits to Enhancing User Security and Regulatory Compliance

Binance’s Head of Investigations for APAC, Akbar A., expressed gratitude to the partners involved in the operation and said that Binance will continue to support global law enforcement in the fight against cybercrime. He said:

“We are proud to have contributed to the disruption of this criminal group. Binance remains committed to enhancing user security and upholding regulatory compliance in the digital-asset ecosystem.”

Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit in the High-Tech Crime Division at Thailand’s Cyber Crime Investigation Bureau, also praised Binance’s significant contribution to the investigation and said that Binance is an essential ally in the combat against scams and cybercrimes.

Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, added that Binance will continue its partnership with various authorities worldwide as they do their part in “restoring the trust in the digital-asset ecosystem.”

Binance Collaborates with Various Industry Actors to Combat Crypto-Related Crime

This is not the first time that Binance has collaborated with various industry actors to combat crypto-related crime. In 2022, the crypto exchange recovered and froze $450,000 of stolen assets related to the Curve Finance hack. Binance has also established the Binance Sentry program, which is a data-driven investigation and analytics platform that aims to identify and prevent illicit activities on the Binance platform.

Binance has also joined forces with other crypto exchanges, such as Coinbase, Gemini, and Kraken, to form the Crypto Rating Council, which is a self-regulatory organization that evaluates the compliance of crypto assets with the U.S. securities laws. Binance has also partnered with CipherTrace, a blockchain analytics and security company, to enhance its anti-money laundering and compliance capabilities.

Binance has also launched several initiatives to educate and protect its users from crypto scams, such as the Binance Academy, which is a free online platform that provides blockchain and crypto education, and the Binance Security Center, which is a hub for security-related information and resources.