Crypto exchange giant Binance has recently assisted Thai authorities in busting two major cryptocurrency scams, leading to multiple arrests and significant asset seizures. The exchange's investigations team partnered with the U.S. Homeland Security Investigation and the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police in these operations.
The first operation, codenamed "Trust No One," targeted a criminal group behind the Pig Butchering scam, an investment romance scheme that lured novice investors into fraudulent investments. This operation resulted in the arrest of five key members of the criminal ring and seizure of approximately $277 million in funds, luxury cars, homes, land, and other upscale items. Over 3,200 victims sought compensation following this operation.
In another crackdown, Binance helped Thai authorities dismantle a large-scale crypto fraud scheme operated by a huge transnational network. This led to arrests of suspects spread across Bangkok, Samut Prakan, and Udon Thani provinces, and confiscation of assets including luxury homes, vehicles and cash worth around $440,000.
"Binance played a pivotal role in unraveling another large-scale crypto scam orchestrated by an expansive network of transnational criminal entities," Binance said. The exchange also dispatched an investigator to Thailand to aid in securing the arrest warrant.
Police Lieutenant Colonel Thanatus Kangruambutr, inspector of the cyber support unit in the high-tech crime division at Thailand's Cyber Crime Investigation Bureau, applauded Binance's contribution to these operations. "Binance remains an essential ally in our combat against scams and cybercrimes. We value this partnership and look forward to continuing it," he said.
Tigran Gambaryan, Binance's head of financial crime compliance, expressed pride in the collaborative actions between Binance Investigations team and the Royal Thai Police. He stressed that their mutual commitment to user protection and cybersecurity advancement will continue, with Binance partnering with authorities across the globe to restore trust in the digital-asset ecosystem.
Binance has faced regulatory accusations of lacking investor protection in the past. Despite this, the exchange remains committed to leading industry efforts to keep bad actors entirely out of crypto, as stated in a May blog post. The recent operations in Thailand are seen as part of Binance's ongoing commitment to combat cybercrime and ensure compliance with global regulations.
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