Binance Aids Royal Thai Police in Crackdown on Criminal Networks
Key Takeaways
Recently, Binance played a crucial role in assisting Thai law enforcement in two operations that led to the dismantling of criminal networks responsible for major crypto scams. These enforcement actions resulted in the arrests of principal members and substantial asset seizures.
Binance's Investigations team actively supports global law enforcement in the fight against cybercrime by supplying key intelligence and expertise. This collaboration is a key element of Binance's ongoing effort to enhance user security and uphold regulatory compliance in the digital-asset ecosystem.
Binance, the world's leading blockchain ecosystem and digital asset infrastructure provider, is proud to have contributed to the crackdown on criminal networks in Thailand that relied on digital assets to move funds. Most recently, Binanceās Investigations team played a role in two Thai investigation operations and aided the Royal Thai Police in the successful arrest of the criminals behind major crypto scams.
Operation Trust No One
Recently, the Binance Investigations team has collaborated extensively with Thai law enforcement, responding to their requests related to cybercrime investigations, prosecutions, and asset seizures. In a notable case, the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police teamed up with Binance and U.S. Homeland Security Investigation (HSI) to dismantle a criminal ring behind a significant pig butchering scam that had impacted thousands of people in Thailand. Armed with intelligence from Binance and HSI, the CCIB arrested five principal members of this group and confiscated assets valued at around THB 10 billion ($277M), which included luxury cars, homes, land, and other upscale items. Since these events, over 3,200 victims have come forward seeking compensation.
Hybrid investment-romance fraud, commonly known as "pig butchering" scams, primarily preys on novice investors. The perpetrators utilize an array of tactics to cultivate trust, enticing victims to deposit assets into fraudulent investment platforms. Once victims are lured in, the scammers display fictitious profits on the platform interface to motivate further investments. They might also deceive victims into paying additional sums, claiming there areĀ "taxes" required for funds withdrawal, only to abscond with all the invested money.
CCIB press conference and award ceremony on September 18, 2023
On September 18, 2023, the CCIB held a press conference and award ceremony. During this event, Akbar A., Binance's Head of Investigations for APAC, delved into the details of the operation and expressed gratitude to the partners involved for their unwavering support.
At the ceremony, Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit in the High-Tech Crime Division at Thailand's Cyber Crime Investigation Bureau, remarked: āWe appreciate Binanceās 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.ā
From left to right: Pol. Capt. Chiramet Budnampeth, Pol. Capt. Khaothip Budnampeth, Pol. Lt. Col. Watcharin Uamfung, Pol. Col. Suwat Kerdkaew, Akbar A., Pol. Lt. Col.Natthapong Trongteing, Pol. Lt. Col. Thanatus Kangruambutr, Pol. Capt. Verawat Majeen, Pol. Lt. Paverakorn Thanananthakul, Pol. Capt. Phoowin Charernseteechai, Pol. Capt. Rachanon Jaided
Dismantling Transnational Criminal Networks
Binance played a pivotal role in unraveling another large-scale crypto scam orchestrated by an expansive network of transnational criminal entities. This probe culminated in the apprehension of suspects spread across 30 sites in Bangkok, Samut Prakan, and Udon Thani provinces, employing over 200 officers from the CIB. Beyond supplying the police with crucial intelligence that facilitated these arrests, Binance also dispatched an investigator to Thailand to aid in securing the arrest warrant. This operation empowered the Royal Thai Police to confiscate illicit assets, including 16 luxury residences, 12 top-tier vehicles, and THB 16M ($440,000) in cash.
The CIB awarded a commemorative plaque to the Binance investigators in recognition of their invaluable support. Police Lieutenant Colonel Panuphat Kittiphan, Deputy Superintendent of Sub-Division 1 at the Technology Crime Suppression Division, remarked: āWe 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.āĀ
Akbar A. receiving a plaque as a token of appreciation from the Royal Thai Policeās Central Investigation Bureau (CIB)
Setting the Standards of User Security
Cooperative law enforcement initiatives are a key part of Binanceās ongoing efforts to combat cybercrime, bolster the security of the Web3 ecosystem, and ensure global regulatory compliance.
Tigran Gambaryan, Binanceās Head of Financial Crime Compliance, said: āWe 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.ā
In recent years, Binance has been making massive investments in building its compliance talent, processes, and technology. The company has an industry-leading global compliance and investigations team that includes professionals with backgrounds as regulators, senior investigators from distinguished blockchain analysis firms, and law enforcement agents who have led some of the largest cybercrime investigations. Over the last 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.