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Home ยป Binance aids Thai police in seizing $277 million from crypto scams.

Binance aids Thai police in seizing $277 million from crypto scams.

Thai police apprehend crypto scam criminal groups with assistance from Binance Investigations team.

by V. Sinclair
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Binance Assists Thai Police in Crypto Scam Crackdown

The world’s leading crypto exchange, Binance, has recently collaborated with the Thai police to crack down on criminal networks using digital assets for illicit activities. Binance’s Investigations team played a crucial role in assisting the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police in apprehending criminals involved in major crypto scams.

Successful Arrests and Asset Seizure

With the information provided by Binance and HSI, the CCIB successfully arrested five key members of the criminal organization and seized assets worth approximately THB 10 billion ($277 million). These assets included luxury automobiles, residences, land, and other high-end possessions. As a result, over 3,200 individuals have come forward seeking restitution.

Appreciation for Binance’s Contribution

Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit at Thailand’s Cyber Crime Investigation Bureau, expressed appreciation for Binance’s significant contribution in disrupting the criminal group. The partnership between Binance and the Thai police has proven valuable in combating scams and cybercrimes, and they look forward to continuing this collaboration.

Binance’s Efforts in Combating Crypto Scams

Binance played a crucial role in uncovering a significant cryptocurrency scam orchestrated by an extensive network of international criminal entities. This investigation led to the arrest of suspects across 30 different sites in Bangkok, Samut Prakan, and Udon Thani provinces, with the cooperation of over 200 officers from the CIB. Binance provided vital intelligence and even dispatched an investigator to Thailand to assist in securing the arrest warrant.

Binance’s Commitment to Combat Cybercrime

Binance emphasizes its commitment to combat cybercrime through collaborative law enforcement initiatives. The exchange aims to enhance the security of the Web3 ecosystem and ensure compliance with global regulations. Despite facing regulatory pressure, Binance continues to actively participate in efforts to combat illicit activities in the crypto space.

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