Binance Collaborates with Thai Police to Crack Down on Crypto Scam Network
Crypto exchange Binance has played a crucial role in assisting an official investigation conducted by Thailand’s law enforcement agency. Binance, known for its cooperation with international regulators and law enforcement bodies, joined forces with the Royal Thai Police to shut down a crypto scam network.
Key Details of the Collaboration
According to an official post, Binance collaborated with the Royal Thai Police, the Cyber Crime Investigation Bureau (CCIB), and the US Homeland Security Investigation (HIS) to investigate and apprehend suspects involved in fraudulent activities. The investigation targeted a “Pig butchering scam” that impacted thousands of people in Thailand.
The successful joint operation resulted in the arrest of five individuals connected to the fraudulent network. Additionally, authorities seized approximately $300 million worth of digital assets, luxury items, and properties.
Law Enforcement Agencies Laud Binance’s Contribution
Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit in Thailand’s Cyber Crime Investigation Bureau, expressed gratitude for Binance’s significant contribution to dismantling the criminal group. He emphasized that Binance remains a valuable ally in combating scams and cybercrimes.
The investigation revealed that the suspects targeted novice investors, enticing them to deposit assets into investment platforms. They would then provide false information about fictitious profits to deceive victims into investing more money. Once victims had accumulated significant funds, the suspects disappeared, leaving them without their initial investments or subsequent returns.
Binance’s Role and Recognition
In addition to providing crucial information and support during the investigation, Binance sent an official investigator to assist the Royal Thai Police. The collaboration led to the seizure of 16 luxury residences, 12 luxury vehicles, and $440,000 in cash.
As a token of appreciation, the Thailand law enforcement agencies presented Binance with a “commemorative plaque” for its support. Colonel Panuphat Kittiphan from the Technology Crime Suppression Division commended Binance’s investigations team for their prompt assistance in developing the case profile and securing an arrest warrant.
Current Status of Binance
At present, Binance’s native cryptocurrency, BNB, is trading at $214, reflecting a 2% loss over the past 24 hours.
Cover image from Unsplash, chart from Tradingview
Hot Take: Binance Strengthens Global Efforts Against Crypto Scams
Binance’s collaboration with the Royal Thai Police highlights its commitment to supporting law enforcement agencies in combating crypto scams worldwide. By providing critical information and investigative assistance, Binance has played a significant role in dismantling fraudulent networks and protecting investors. This partnership showcases Binance’s dedication to maintaining a secure and trustworthy crypto trading environment. As scams continue to pose a threat to the crypto industry, collaborations like this one serve as a powerful deterrent and contribute to fostering trust among crypto users.
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