Binance has partnered with Thai law enforcement agencies to take down criminal networks responsible for orchestrating significant cryptocurrency scams. This collaboration has resulted in the arrest of key individuals behind these scams and the seizure of substantial assets.
Binance's Investigations team has been working closely with Thai law enforcement agencies to respond to requests related to cybercrime investigations, prosecutions, and asset seizures. One of the cases involved cooperation with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police to dismantle a criminal network involved in a major "pig butchering" scam that affected thousands of people in Thailand.
Binance Aid Arrest of Scammers
A report from the exchange stated that Binance, the US Homeland Security Investigation (HSI), and the CCIB helped in the arrest of five key members of a criminal group and seized assets worth around Thai baht (THB) 10 billion (equal to $277 million). These assets included luxury cars, houses, and land. More than 3,200 victims have stepped forward, seeking compensation.
Tigran Gambaryan, Binance's Head of Financial CrimeCompliance, 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 ofcybersecurity. We will persist in partnering with authorities across the globe, ensuring we do our part to restore trust in the digital-asset ecosystem."
#Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI
— CZ ???? Binance (@cz_binance) October 3, 2023
Vast Network of Criminal Entities
In addition, Binance played a crucial role in exposing and disrupting another large-scale crypto scam orchestrated by a large network of transnational criminal entities. This operation resulted in the arrest of suspects across 30 locations in Bangkok, Samut Prakan, and Udon Thani provinces, and it involved over 200 officers from the CIB.
Besides supplying critical intelligence, Binance dispatched an investigator to Thailand to assist in securing arrest warrants. This cooperative effort allowed the Royal Thai Police to seize illicit assets, including 16 luxury residences, 12 high-end vehicles, and THB 16 million ($440,000) in cash.
Meanwhile, Binance announced that it was exiting Russia on September 27. The exchange's decision to exit the Russian market comes on the heels of fresh allegations involving its role in permitting Russian users to withdraw funds through sanctioned banks. A spokesperson for Binance confirmed that "all options are on the table, including a full exit" as the exchange reassesses its presence in Russia.
This article was written by Jared Kirui at www.financemagnates.com.
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