Binance partnered with Thai law enforcement agencies to take
down criminal networks responsible for orchestrating significant cryptocurrency
scams. This collaboration resulted in the arrest of key individuals behind
these scams and the seizure of substantial assets.
Binance’s Investigations team has been working closely with
Thai law enforcement agencies to respond to requests related to cybercrime
investigations, prosecutions, and asset seizures. One of the cases involved
cooperation with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai
Police to dismantle a criminal network involved in a major “pig
butchering” scam that affected thousands of people in Thailand.
A report from the exchange stated that Binance, the US
Homeland Security Investigation (HSI), and the CCIB helped in the arrest of
five key members of a criminal group and seized assets worth around THB 10
billion (equal to $277 million). These assets included luxury cars, houses, and
land. More than 3,200 victims have stepped forward, seeking compensation.
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. 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.”
#Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI
— CZ 🔶 Binance (@cz_binance) October 3, 2023
Vast Network of Criminal Entities
In addition, Binance played a crucial role in exposing and
disrupting another large-scale crypto scam orchestrated by a large network of
transnational criminal entities. This operation resulted in the arrest of
suspects across 30 locations in Bangkok, Samut Prakan, and Udon Thani
provinces, and it involved over 200 officers from the CIB.
Besides supplying critical intelligence, Binance dispatched
an investigator to Thailand to assist in securing arrest warrants. This
cooperative effort allowed the Royal Thai Police to seize illicit assets,
including 16 luxury residences, 12 high-end vehicles, and THB 16 million
($440,000) in cash.
Meanwhile, Binance announced that it was exiting Russia on September 27. The exchange’s decision to exit the Russian market
comes on the heels of fresh allegations involving its role in permitting Russian
users to withdraw funds through sanctioned banks. A spokesperson for Binance
confirmed that “all options are on the table, including a full exit”
as the exchange reassesses its presence in Russia.
Binance partnered with Thai law enforcement agencies to take
down criminal networks responsible for orchestrating significant cryptocurrency
scams. This collaboration resulted in the arrest of key individuals behind
these scams and the seizure of substantial assets.
Binance’s Investigations team has been working closely with
Thai law enforcement agencies to respond to requests related to cybercrime
investigations, prosecutions, and asset seizures. One of the cases involved
cooperation with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai
Police to dismantle a criminal network involved in a major “pig
butchering” scam that affected thousands of people in Thailand.
A report from the exchange stated that Binance, the US
Homeland Security Investigation (HSI), and the CCIB helped in the arrest of
five key members of a criminal group and seized assets worth around THB 10
billion (equal to $277 million). These assets included luxury cars, houses, and
land. More than 3,200 victims have stepped forward, seeking compensation.
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. 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.”
#Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI
— CZ 🔶 Binance (@cz_binance) October 3, 2023
Vast Network of Criminal Entities
In addition, Binance played a crucial role in exposing and
disrupting another large-scale crypto scam orchestrated by a large network of
transnational criminal entities. This operation resulted in the arrest of
suspects across 30 locations in Bangkok, Samut Prakan, and Udon Thani
provinces, and it involved over 200 officers from the CIB.
Besides supplying critical intelligence, Binance dispatched
an investigator to Thailand to assist in securing arrest warrants. This
cooperative effort allowed the Royal Thai Police to seize illicit assets,
including 16 luxury residences, 12 high-end vehicles, and THB 16 million
($440,000) in cash.
Meanwhile, Binance announced that it was exiting Russia on September 27. The exchange’s decision to exit the Russian market
comes on the heels of fresh allegations involving its role in permitting Russian
users to withdraw funds through sanctioned banks. A spokesperson for Binance
confirmed that “all options are on the table, including a full exit”
as the exchange reassesses its presence in Russia.
