Binance, a global leader in blockchain technology and digital asset infrastructure, has made significant contributions to the dismantling of criminal networks in Thailand that were utilizing digital assets for illicit purposes. Binance’s Investigations team has played a pivotal role in two recent Thai law enforcement operations, assisting the Royal Thai Police in successfully apprehending individuals involved in major cryptocurrency scams.
Binance, Thai Police Bust Crypto Scam Network
Binance’s Investigations team has established a strong partnership with Thai law enforcement agencies, actively supporting their efforts in investigating cybercrimes, pursuing legal actions, and facilitating asset seizures. One noteworthy case involved the collaboration between the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police, Binance, and U.S. Homeland Security Investigation (HSI) to disrupt a criminal operation behind a significant cryptocurrency fraud scheme, commonly referred to as a “pig butchering” scam, which had affected thousands of victims in Thailand.
Leveraging intelligence provided by Binance and HSI, the CCIB successfully apprehended five key members of the criminal group and seized assets valued at around THB 10 billion ($277 million), including luxury vehicles, real estate properties, land, and other high-end assets. Subsequently, over 3,200 victims have come forward seeking restitution. “Pig butchering” scams, characterized as a blend of investment fraud and romance scams, primarily target inexperienced investors. Perpetrators employ various tactics to gain victims’ trust, enticing them to deposit funds into fraudulent investment platforms. Once funds are deposited, scammers fabricate fictitious profits on the platform to encourage further investments. They may also deceive victims by claiming additional fees for fund withdrawals, ultimately disappearing with the victims’ investments.
Transnational Crypto Scam Unveiled
On September 18, 2023, the CCIB held a press conference and award ceremony, during which Akbar A., Binance’s Head of Investigations for APAC, provided insights into the operation and expressed gratitude to all involved partners. Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit in the High-Tech Crime Division at Thailand’s Cyber Crime Investigation Bureau, commended Binance’s substantial contribution to dismantling criminal activities. He emphasized Binance’s essential role in the fight against cryptocurrency scams and cybercrimes.
Binance also played a pivotal role in exposing another large-scale cryptocurrency scam orchestrated by a transnational network of criminals. This operation resulted in the apprehension of suspects across 30 locations in Bangkok, Samut Prakan, and Udon Thani provinces, with the cooperation of over 200 officers from the CIB. In addition to providing critical intelligence for these arrests, Binance dispatched an investigator to Thailand, aiding in securing arrest warrants. This effort enabled the Royal Thai Police to confiscate illicit assets, including 16 luxury residences, 12 high-end vehicles, and THB 16 million ($440,000) in cash.
Read More: Valkyrie Pauses Ethereum Futures Amid SEC
The CIB expressed its appreciation for Binance’s support by awarding a commemorative plaque, acknowledging the invaluable assistance provided by Binance’s investigations team. Police Lieutenant Colonel Panuphat Kittiphan, Deputy Superintendent of Sub-Division 1 at the Technology Crime Suppression Division, expressed satisfaction with Binance’s prompt and effective collaboration, highlighting the provision of essential information and an investigator for witness interviews. This partnership underscores Binance’s commitment to combating cryptocurrency-related crimes and supporting law enforcement efforts in Thailand.