Binance, the world's leading blockchain ecosystem and digital asset infrastructure provider, is pleased to announce that its investigation team assisted the Royal Thai Police in investigating two criminal cases, and the suspects involved in using digital assets to transfer funds have been arrested.
Binance’s investigative team works extensively with Thai law enforcement authorities to respond to requests for cooperation in cybercrime investigations, prosecutions, and property seizures. For example, the Royal Thai Police Cyber Crime Investigation Bureau (CCIB) worked together with Binance and the US Homeland Security Investigations (HSI) to dismantle the criminal group behind a pig-killing plate that caused losses to thousands of Thai people. With the assistance of Binance and HSI intelligence, CCIB arrested five leaders of the criminal group and confiscated assets worth approximately 10 billion baht (approximately US$277 million), including luxury cars, properties, land and other high-end items . Since then, more than 3,200 victims have requested compensation.
Dating and marriage fraud, the so-called "pig-killing scam", mainly targets novice investors. Fraudsters use a series of means to build trust and induce victims to transfer money to fraudulent investment platforms. After succeeding, the fraudster will make the platform display super high profits, allowing the victim to continue to increase their bets. In addition, they may also make up names such as "cash tax" to defraud more funds.
On September 18, 2023, CCIB held a press conference and commendation ceremony. At the event, Binance Asia Pacific Investigation Director Akbar A. introduced the relevant actions in detail and thanked the partners who provided strong support during the process.
At the commendation ceremony, Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit of the CIIB Police and High-Tech Crime Department, said: “We are grateful to Binance for its significant contribution in dismantling the criminal gang. In recent years, there have been frequent cases of crypto asset fraud. This led to the financial loss of hundreds of millions of Thai people. We have successfully arrested many criminals through timely exchange of information with key partners such as Binance’s investigative team. Binance has always played an important role in our efforts to combat fraud and cybercrime. role. We highly recognize the value of this partnership and look forward to continued cooperation.”
From left to right: Pol. Capt. Chiramet Budnampeth, Pol. Capt. Khaothip Budnampet, 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
With the help of Binance, a massive transnational criminal network behind a massive crypto asset scam has been revealed. More than 200 CIB police officers successfully arrested suspects in 30 locations including Bangkok, Samut Prakan, and Udon Thani. Along the way, Binance not only provided critical intelligence for the arrests, but also dispatched investigative officers to Thailand to assist in obtaining arrest warrants. Through this operation, the Royal Thai Police confiscated illegal assets involved in the case, including 16 luxury properties, 12 luxury cars, and 16 million baht in cash (equivalent to US$440,000). CIB awarded a commemorative plaque to Binance investigators in recognition of their valuable contributions. Lieutenant Colonel Panuphat Kittiphan, Deputy Superintendent of the Police, Technology Crime Division 1, said: “We are very grateful for the help provided by Binance. Their investigation team provided the necessary clues in a timely manner to help us understand the details of the case and obtain an arrest warrant. They An investigating officer was also sent to Thailand to participate in witness interviews.”
Develop user safety standards
Law enforcement cooperation plays a key role in Binance’s continued efforts to combat cybercrime, strengthen the security of the Web3 ecosystem, and ensure global compliance.
Tigran Gambaryan, Director of Financial Crime Compliance at Binance, said: “We are proud of the collaborative actions of Binance’s investigative team and the Royal Thai Police. Our continued efforts have yielded tangible results, demonstrating that true security transcends geographical borders. We work closely with The cooperation with Thai law enforcement agencies further proves our joint commitment to protecting users and strengthening network security. We will continue to cooperate with global law enforcement agencies to ensure that we contribute our strength to rebuilding trust in the digital asset ecosystem."
In recent years, Binance has made significant investments in building its compliance team, processes, and technology. The company has an industry-leading global compliance and investigation team, whose team members include former regulatory officials, former senior investigators of well-known blockchain analysis companies, and law enforcement personnel who have led large-scale cybercrime investigations. In the past three years, Binance has completed and assisted more than 103,000 law enforcement requests, with an average response time of three days, which is much more efficient than traditional financial institutions.