Crypto Exchange Binance Assists Thai Police in Cracking Down on Criminal Networks
Binance, a prominent cryptocurrency exchange, has played a significant role in helping Thailand’s Royal Police identify and dismantle various criminal networks involved in crypto-related scams. The cyber support unit at the CCIB acknowledged Binance as a crucial partner in combating scams and cybercrimes.
Binance’s Involvement in Two Major Operations
In collaboration with Thai authorities, Binance actively participated in two major operations. In one case, Binance’s investigations team assisted in uncovering a large-scale pig butchering scam, resulting in the seizure of assets worth $277 million and the arrest of five key syndicate members. The operation, codenamed “Trust No One,” involved more than 3,200 victims seeking compensation.
Binance also aided in the arrest of criminals involved in another extensive crypto scam across 30 locations in Thailand. This operation led to the confiscation of luxury homes, high-end vehicles, and cash totaling $444,000.
Positive Feedback from Thai Authorities
Thai authorities expressed their satisfaction with Binance’s assistance. Panuphat Kittiphan, deputy superintendent at the Technology Crime Suppression Division, praised Binance’s investigations team for promptly providing crucial information that facilitated the development of the case profile and securement of an arrest warrant.
Thai Regulator Implements Investor Protection Measures
In response to fraudulent cryptocurrency investment platforms defrauding local investors of over $27 million, Thailand’s Securities and Exchange Commission introduced new requirements for virtual asset service providers. These measures aim to enhance investor protection within the country.
Hot Take: Binance Collaborates with Thai Police to Counter Crypto Scams
Crypto exchange Binance has established a strong partnership with Thailand’s Royal Police to combat crypto-related criminal networks and scams. Binance’s involvement in two major operations resulted in the dismantling of large-scale fraud schemes and the apprehension of key syndicate members. The prompt assistance provided by Binance’s investigations team has been highly appreciated by Thai authorities, showcasing the exchange’s commitment to combating cybercrimes. With Thailand implementing stricter regulations to safeguard investors, Binance’s collaboration with law enforcement agencies sets a positive example for the crypto industry in promoting transparency and security.
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