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MONDAY, December 11, 2023

Binance aids Royal Thai Police in crackdown on criminal networks

Binance aids Royal Thai Police in crackdown on criminal networks
TUESDAY, October 03, 2023

Binance, the leading blockchain ecosystem and cryptocurrency infrastructure provider, has been working closely with the Royal Thai Police to dismantle criminal networks in Thailand that rely on digital assets to move ill-gotten funds.

The Binance Investigations team recently played a critical role in two major operations alongside the Cyber Crime Investigation Bureau (CCIB) and the Royal Thai Police's Central Investigation Bureau (CIB), which resulted in the apprehension of criminals responsible for major cryptocurrency scams. 

In a display of collaboration, the Binance Investigations team joined forces with the CCIB and US Homeland Security Investigation (HSI), to tackle the criminals behind a large-scale pig butchering scam that has affected thousands of victims in Thailand. This operation, known under the code name Trust No One, resulted in the seizure of approximately THB10 billion (US$277 million) in assets and the arrest of five key criminal syndicate members. To date, over 3,200 victims have filed for compensation.

Police Lieutenant Colonel Thanatus Kangruambutr, the Inspector of the Cyber Support Unit, High-Tech Crime Division at the CCIB, commented: “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.”

Binance aids Royal Thai Police in crackdown on criminal networks

Separately, Binance’s Investigation team has been instrumental in the investigation of another large-scale crypto scam perpetrated by a vast network of transnational criminal organizations. It resulted in arrests of suspects across 30 locations in the Bangkok, Samut Prakan, and Udon Thani provinces, with over 200 law enforcement officers from the CIB seizing 16 luxury homes, 12 high-end vehicles, and documented cash amounting to THB16 million (US$444K).

Police Lieutenant Colonel Panuphat Kittiphan, Deputy Superintendent of Sub-Division 1 at the Technology Crime Suppression Division, said: “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.”

Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, commented: “We draw immense pride from the collaborative actions of the Binance Investigations team and the Royal Thai Police. Our sustained effort brought tangible results, reiterating how genuine security is not hemmed in by geographical limitations. Our team-up with Thai law enforcement champions our mutual commitment to the protection of users and the advancement of cybersecurity. We will persist in partnering with authorities across the globe, ensuring we do our part to restore trust in the digital-asset ecosystem.”

Cooperative law enforcement initiatives are a key part of Binance’s ongoing efforts to combat cybercrime, bolster the security of the Web3 ecosystem, and ensure global regulatory compliance. In the past three years, Binance has fulfilled and assisted in over 103,000 law enforcement requests with an average of three days response time, which is faster than most traditional financial institutions. The company continues to make significant investments in building its compliance talent, processes, and technology to keep up with the ever-evolving landscape of cybercrime law enforcement.