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Binance Aids Thai Police in Crackdown on Crypto-Related Criminal Networks

Binance, a leading crypto exchange, has been instrumental in assisting the Royal Police of Thailand in detecting and dismantling numerous crypto-associated criminal rings.

As shared with Cryptonews, Binance’s investigative unit collaborated closely with the Cyber Crime Investigation Bureau (CCIB) and the Royal Thai Police’s Central Investigation Bureau (CIB). Together, they successfully traced and apprehended perpetrators behind significant cryptocurrency frauds.

Thanatus Kangruambutr, an inspector with the cyber support team at the CCIB, highlighted a marked uptick in crypto-centric scams, which have inflicted financial losses amounting to hundreds of millions in Thailand.

He acknowledged Binance’s pivotal role, stating, “Binance continues to be a vital collaborator in our fight against deceptive practices and cyber offenses. We greatly appreciate this alliance and anticipate its ongoing success.”

Binance Involved in Two Major Operations

The exchange has been pivotal in partnering with Thai authorities for two major sting operations, according to a statement from the company.

In one significant operation, Binance’s investigative team assisted in tracking down the culprits behind an extensive pig slaughtering scam. This led to the seizure of assets worth around 10 billion Thai Baht ($277M) and the arrest of five central figures of the criminal group.

This mission, codenamed “Trust No One,” was executed by the CCIB in collaboration with the U.S. Homeland Security Investigation (HSI) and with the vital support from Binance. To date, over 3,200 scam victims have come forward, filing for recompense.

In another major operation, Binance delved deep into a sprawling crypto scam that involved a complex web of international criminal entities. With the help of Binance’s investigations team, authorities apprehended offenders across 30 distinct locations in Thailand. The seizures included 16 lavish residences, 12 high-end automobiles, and cash totaling 16 million Thai Baht ($444K).

“Binances’s support has been invaluable,” remarked Panuphat Kittiphan, the deputy superintendent of the Technology Crime Suppression Division.

“Their investigative unit promptly delivered essential information, which was instrumental for us to flesh out the case and secure arrest warrants. Moreover, they dispatched an investigator to Thailand to assist in interviewing witnesses.”

In a significant development in September, Thai law enforcement apprehended five individuals—all of whom were foreign nationals—associated with a deceptive cryptocurrency investment scheme. This scam siphoned over $27 million from Thai investors.

To enhance protections for investors, the Securities and Exchange Commission of Thailand, the nation’s financial watchdog, rolled out fresh regulations for virtual asset service providers earlier this year.

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