Binance Collaborates with Royal Thai Police to Bust Crypto Scammers, Recovers Over $250 Million

Binance Collaborates with Royal Thai Police to Bust Crypto Scammers, Recovers Over $250 Million

October 3, 2023

Binance recently joined forces with the Royal Thai Police to combat cryptocurrency-related crimes, arresting key suspects and recovering over $250 million in assets.

Operation Trust No One

According to a Tuesday blog, Binance Investigations, in partnership with the Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB) and U.S. Homeland Security Investigation (HSI), successfully dismantled a criminal ring orchestrating a significant “pig butchering” scam. This fraudulent scheme targeted novice investors, luring them to deposit assets into deceptive investment platforms with promises of substantial returns.

As per the blog, with intelligence provided by Binance and HSI, the CCIB apprehended five principal members of the criminal group and seized assets valued at around THB 10 billion (roughly $277 million). These assets included luxury vehicles, real estate, and high-end items. Over 3,200 victims have since sought compensation, underlining the scale of the operation and its impact on innocent individuals.

Commenting on the development, Police Lieutenant Colonel Thanatus Kangruambutr of Thailand’s Cyber Crime Investigation Bureau commended Binance’s significant contribution to the takedown, noting;

“We appreciate Binance’s significant contribution to the disruption of this criminal group. The rise of crypto scams in recent years has resulted in financial damage of hundreds of millions in Thailand. Yet, through prompt information exchange with key partners, including the Binance Investigations team, this successful operation resulted in the arrests of the criminals.”

Binance’s Fight Against Transnational Crime

Binance’s collaboration with Thai law enforcement extended beyond the “pig butchering” scam. The company played a pivotal role in uncovering a large-scale crypto scam orchestrated by transnational criminal entities, resulting in the arrest of suspects across 30 locations in Bangkok, Samut Prakan, and Udon Thani provinces.

In addition to providing vital intelligence, Binance dispatched an investigator to Thailand to assist in securing arrest warrants. This operation enabled the Royal Thai Police to seize illicit assets, including 16 luxury residences, 12 high-end vehicles, and THB 16 million (approximately $440,000) in cash.

That said, Binance’s collaboration with law enforcement agencies aligns with its ongoing efforts to combat cybercrime, enhance Web3 ecosystem security, and ensure global regulatory compliance. Over the past few years, Binance has assisted with over 103,000 law enforcement requests, with an average response time of just three days. 

As it shall be recalled, earlier this year, Binance aided the U.S. Department of Justice (DOJ) in seizing over $112 million tied to crypto investment scams targeting the states of Arizona, California, and Idaho. 

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