Binance works with Thai authorities to bust crypto scams, confiscating money and arresting key participants, including a ‘pig slaughtering’ farce.
Binance and Thai law enforcement organizations collaborated to disrupt criminal networks that were behind large-scale cryptocurrency scams. Thanks to this cooperation, significant assets were seized and important players in these schemes were apprehended.
The Investigations team at Binance has been collaborating closely with Thai law enforcement agencies in order to address inquiries concerning asset seizures, prosecutions, and investigations pertaining to cybercrime. In one case, the Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB) was partnered with to break up a criminal network that was behind a large-scale “pig butchering” hoax that had an impact on thousands of individuals in Thailand.
Scammers’ Arrest Supported by Binance
According to a report from the exchange, THB 10 billion, or $277 million, in assets were seized, and Binance, the US Homeland Security Investigation (HSI), and the CCIB assisted in the arrest of five important members of a criminal organization. These possessions included land, mansions, and expensive cars. Over 3,200 victims have come forward to ask for financial assistance.
Head of Financial Crime Compliance at Binance, Tigran Gambaryan, stated: “We are really proud of the joint efforts between the Royal Thai Police and the Binance Investigations team. Our persistent work produced noticeable outcomes, demonstrating once again how true security is not constrained by physical borders. Our collaboration with Thai law enforcement demonstrates our shared dedication to user protection and cybersecurity improvement. We will continue to collaborate with international authorities, making sure we contribute to rebuilding confidence in the ecosystem of digital assets.”
Widespread Criminal Entity Network
Furthermore, Binance was instrumental in revealing and dismantling a different massive cryptocurrency hoax run by a wide range of international criminal organizations. Over 200 CIB officers participated in this operation, which led in the arrest of suspects at 30 locations in the provinces of Bangkok, Samut Prakan, and Udon Thani.
In addition to providing vital intelligence, Binance sent a detective to Thailand to help obtain arrest warrants. Moreover the Royal Thai Police were able to collect unlawful assets, including THB 16 million ($440,000) in cash, 12 opulent cars, and 16 luxury apartments, thanks to their collaborative efforts.
In the meanwhile, Binance declared that it would leave Russia on September 27. Finally the exchange made the decision to leave the Russian market in response to new claims that it had enabled Russian users to withdraw money through banks that were under sanctions. According to a Binance representative, “all options are on the table, including a full exit” as the exchange reevaluates its position in the Russian market.
