Binance announced that it had helped Thai authorities combat criminal networks in Thailand that used digital currencies to transfer money illegally.
Binance’s Investigations team recently assisted in two separate investigations in Thailand, resulting in the successful arrest of those responsible for major cryptocurrency scams.
Recently, the Binance Investigations team worked closely with Thai law enforcement to help with cybercrime cases. An investigation conducted jointly by the Homeland Security Investigations (HSI) and the Cyber Crime Investigation Bureau (CCIB) successfully dismantled a criminal organization responsible for a major fraudulent pig butchering scheme that had affected numerous individuals in Thailand.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, said: “We draw immense pride from the collaborative actions of the Binance Investigations team and the Royal Thai Police.”
With information obtained from Binance and HSI, the CCIB apprehended five key individuals within this syndicate and seized assets totaling approximately THB 10 billion ($277 million).
These assets comprised luxury cars, residences, land, and other lavish possessions. Following these developments, more than 3,200 victims have come forward, seeking restitution for their losses.
Binance also played a crucial role in exposing a major cryptocurrency scam that was carried out by a widespread network of international criminal organizations.
That investigation resulted in the arrest of suspects located across 30 different locations in Bangkok, Samut Prakan, and Udon Thani provinces. It involved the collaboration of more than 200 officers from the CIB.
In addition to providing vital information that assisted in these arrests, Binance also sent an investigator to Thailand to support the process of obtaining arrest warrants.
This operation empowered the Royal Thai Police to confiscate illicit assets, which encompassed 16 opulent residences, 12 top-tier vehicles, and a sum of 16 million Thai Baht (equivalent to $440,000) in cash.
Over the last three years, Binance has actively cooperated with and provided assistance in over 103,000 law enforcement investigations, achieving an average response time of three days, which surpasses the customary response time of conventional financial institutions.
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