In a groundbreaking partnership, Binance, the leading cryptocurrency exchange, has collaborated closely with Thai law enforcement agencies to combat cybercrime in Thailand. Their combined efforts recently resulted in the takedown of a notorious criminal organization orchestrating a massive fraudulent pig butchering scheme that defrauded countless victims across Thailand.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, expressed immense pride in the collaborative actions of the Binance Investigations team and the Royal Thai Police. Thanks to crucial information provided by Binance and Homeland Security Investigations (HSI), the Cyber Crime Investigation Bureau (CCIB) arrested five key individuals associated with this syndicate. In a significant blow to the criminals, assets totaling approximately THB 10 billion ($277 million) were seized. These assets included luxury cars, residences, land, and various extravagant possessions.
The fallout from this operation has been profound. More than 3,200 victims have come forward seeking restitution for their losses. Binance’s involvement also led to the exposure and subsequent arrest of suspects in 30 different locations across Bangkok, Samut Prakan, and Udon Thani provinces. This operation required the collaboration of over 200 officers from the CIB.
Binance’s contribution went beyond information sharing; the exchange sent an investigator to Thailand, aiding in the process of obtaining crucial arrest warrants. Thanks to these combined efforts, the Royal Thai Police successfully confiscated illicit assets, including 16 opulent residences, 12 top-tier vehicles, and a sum of 16 million Thai Baht (equivalent to $440,000) in cash.
This isn’t an isolated incident. Over the past three years, Binance has actively cooperated with law enforcement in over 103,000 investigations, boasting an impressive average response time of just three days. This swift response, far surpassing traditional financial institutions’ customary timelines, underscores Binance’s commitment to fighting cybercrime.
This collaboration showcases the power of partnership between innovative technology platforms and law enforcement, heralding a new era in the battle against digital asset crimes. Stay tuned as Binance continues its mission to create a safer crypto environment for users worldwide.