Binance, the world’s leading blockchain ecosystem and digital asset infrastructure provider, recently assisted the Royal Thai Police in dismantling criminal networks that relied on digital assets for illicit activities. The Binance Investigations team played a pivotal role in two operations, notably contributing to the successful arrests of criminals involved in major crypto scams.
In a significant collaboration with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police, Binance and the U.S. Homeland Security Investigation (HSI) joined forces to combat a notorious pig butchering scam. This elaborate hybrid investment-romance fraud targeted novice investors, employing tactics to build trust and entice victims into depositing assets into fraudulent investment platforms. The criminals, arrested with the aid of intelligence from Binance and HSI, faced charges related to a scam that impacted thousands of victims in Thailand, resulting in asset confiscation valued at approximately THB 10 billion ($277M). The seized assets included luxury cars, homes, land, and other upscale items. Following the operation, more than 3,200 victims have sought compensation.
Recognition and Cooperation: CCIB Award Ceremony
On September 18, 2023, the CCIB held a press conference and award ceremony to acknowledge the collaborative efforts that led to the successful operation. Akbar A., Binance’s Head of Investigations for APAC, expressed gratitude to the partners involved for their unwavering support. Police Lieutenant Colonel Thanatus Kangruambutr of the Cyber Support Unit praised Binance’s significant contribution to disrupting criminal activities and emphasized the importance of continued collaboration in the fight against scams and cybercrimes.
Binance played a crucial role in another operation targeting a large-scale crypto scam orchestrated by a transnational criminal network. This probe resulted in the arrest of suspects across 30 sites in Bangkok, Samut Prakan, and Udon Thani provinces, involving over 200 officers from the CIB. Binance not only provided crucial intelligence but also dispatched an investigator to Thailand to aid in securing arrest warrants. The operation enabled the Royal Thai Police to confiscate illicit assets, including 16 luxury residences, 12 top-tier vehicles, and THB 16M ($440,000) in cash. The CIB recognized Binance’s support by awarding a commemorative plaque to the Binance investigators.
Binance emphasizes cooperative law enforcement initiatives as part of its ongoing efforts to combat cybercrime, enhance the security of the Web3 ecosystem, and ensure global regulatory compliance. Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, highlighted the company’s commitment to user protection and cybersecurity.
Binance has made significant investments in compliance talent, processes, and technology, boasting an industry-leading global compliance and investigations team.
Over the past three years, Binance has fulfilled and assisted in over 103,000 law enforcement requests, demonstrating a rapid response time of three days, faster than most traditional financial institutions.