HomeAnalysisBinance Collaborates with Thai Law Enforcement to Dismantle Cryptocurrency Scam Scheme

Binance Collaborates with Thai Law Enforcement to Dismantle Cryptocurrency Scam Scheme

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Crypto exchange Binance played a key role in assisting an official investigation by Thailand’s law enforcement agency. Binance, which often highlights its cooperation with international regulators and law enforcement bodies, stated that it helped shut down a crypto scam network.

Binance Collaborates with Royal Thai Police

According to an official statement, Binance collaborated with the Royal Thai Police to investigate and apprehend several suspects involved in fraudulent activities. The Thai agency sought assistance from the crypto exchange in order to support the investigation and seize assets linked to the scam.

The investigation received assistance from Binance, the Cyber Crime Investigation Bureau (CCIB), and the US Homeland Security Investigation (HIS). Together, the law enforcement agencies and the crypto exchange thwarted the “Pig butchering scam,” which reportedly affected “thousands of people in Thailand.”

Thanks to Binance’s involvement, the Royal Thai Police and the CCIB managed to arrest five individuals associated with the fraudulent network. As part of the operation, around $300 million worth of digital assets, luxury items, and properties were seized.

Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit in the High-Tech Crime Division at Thailand’s Cyber Crime Investigation Bureau, expressed gratitude, stating:

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 remains an essential ally in our combat against scams and cybercrimes. We value this partnership and look forward to continuing it.

Further details revealed that the suspects enticed “novice investors” to deposit assets into investment platforms. Subsequently, they allegedly provided false information about fictitious profits to deceive victims into providing more funds.

Once the victims had amassed a significant amount, the suspects disappeared, leaving victims without their initial and subsequent “investments.” The suspects operated from over 30 locations in Bangkok, Udon Thani, and other Thai provinces.

The post also mentioned that Binance sent an official investigator to assist the Royal Thai Police with the investigation. In addition to the items mentioned earlier, the law enforcement agencies confiscated over 16 luxury residences, 12 luxury vehicles, and $440,000 in cash.

Due to its participation in the investigation, Binance received a “commemorative plaque” from the Thailand law enforcement agencies to acknowledge its support. Colonel Panuphat Kittiphan, from the Technology Crime Suppression Division, added:

We are pleased with the assistance provided by Binance. Their investigations team promptly supplied the necessary information, enabling us to develop the case profile and secure an arrest warrant, and sent an investigator to Thailand to participate in witness interviews.

At the time of writing, Binance’s BNB is trading at $214 with a 2% loss in the last 24 hours.

BNB’s price is moving sideways on the daily chart. Source: BNBUSDT on Tradingview

Image by Unsplash, chart from Tradingview

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