Binance, the world’s largest crypto exchange by daily trading volume, has partnered with law enforcers in Thailand to bring down bad players in the crypto sector. The criminal investigation titled “Trust No One” was led by the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police in partnership with United States Homeland Security Investigations (HSI), aiming at addressing crypto crime in Thailand.
Rise of Pig Butchering Crypto Scams in Thailand
The rise of crypto crime in Thailand continues to wreak havoc among the key players in the financial sector. Early last month, the Thai enforcement unit apprehended five criminals linked to a fraudulent scheme that exposed over 3200 investors to a loss of approximately $57 million.
The surge in crypto crime activities has obliged the relevant Thai regulatory agencies to adopt collaborative approaches to combat unlawful activities. In an official publication issued on October 3, the Binance team stated that the ongoing crackdowns in the crypto sector aimed at arresting criminal groups.
Primarily, the criminal investigation aimed at identifying criminal mafias orchestrating pig butchering crypto scams in the Asian country. The investigators noted that most scammers were establishing relationships with critical players in the crypto sector to lure them into their fraudulent schemes.
Thai Police Arrests Criminals and Seizes Assets
During the recent investigation, the Binance team supported the Thai law enforcers to apprehend five criminals engaging in the notorious pig butchering scam. The arrest was followed by the seizure of assets worth $227 million.
An announcement conveyed by Colonel Thanatus Kangruambutr, a police inspector at CCIB, revealed that the rise of crypto-related scams has negatively affected the financial sector. Despite the losses, the inspector praised Binance for stepping up to culminate the arrest of the criminals.
Kangruambutr acknowledges the efforts made by the Binance team to gather intelligence information necessary for a successful investigation. From the achievements, Binance gained recognition as a trailblazer in combating crypto-related scams and cybercrime.
Binance Vows to Uphold Complaince
Elsewhere, the head of compliance at Binance, Tigran Gambaryan, pledged to liaise with several authorities to address the security concerns battling the crypto industry. Gambaryan revealed that during the investigations, an official from Binance joined the HSI and CCIB to conduct the inquiries.
The report indicates the criminal investigation resulted in widespread crackdowns in the Thai city-state. The executive noted that despite the volatile crypto market, Binance will remain at the forefront in restoring the customer’s confidence. Also, the crypto exchange underlined the need for promoting security in the Web3 ecosystem.
Report indicate that the Thai incident was not the first case that Binance tackled in supporting the authority in addressing crime. Last year, the controversial crypto exchange aided Curve Finance in recovering stolen assets worth approximately $450000.
Despite the developments made by Binance in uncovering criminal activities in the crypto industry, the exchange has been battling an onslaught of legal charges for the past few months. Also, the chief executive of Binance has been charged with engaging in manipulative activities that breached the securities law.