Binance and Royal Thai Police Jointly Seize $277 Million from Scammers

Binance Collaborates with Law Enforcement to Take Down Crypto Scam Syndicate

Crypto exchange Binance has partnered with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police and the United States Homeland Security Investigation (HSI) to dismantle a criminal network responsible for a crypto scam in Thailand. The operation, code-named “Trust No One,” resulted in the arrest of five key syndicate members and the seizure of assets worth $277 million. Over 3,200 victims have come forward to seek compensation. The CCIB inspector praised Binance’s contribution to the investigation, emphasizing the exchange’s role in combating scams and cybercrimes. Binance’s head of financial crime compliance expressed their commitment to working with authorities worldwide to restore trust in the digital asset ecosystem.

Continued Efforts to Combat Crypto-Related Crime

This is not the first time Binance has collaborated with industry stakeholders to fight against crypto-related crime. In a previous incident, the exchange recovered and froze $450,000 worth of stolen assets associated with the Curve Finance hack in 2022. These collaborations demonstrate Binance’s dedication to maintaining a safe and secure environment for cryptocurrency users.

Hot Take: Binance Takes Down Major Crypto Scam Syndicate in Thailand

In a joint effort with law enforcement agencies, Binance has successfully disrupted a criminal network involved in a crypto scam in Thailand. This operation, known as “Trust No One,” led to the arrest of key syndicate members and the confiscation of valuable assets. With over 3,200 victims seeking compensation, this takedown highlights Binance’s commitment to protecting its users and fighting against scams and cybercrimes. The collaboration between Binance, the Cyber Crime Investigation Bureau, and the United States Homeland Security Investigation demonstrates the importance of industry partnerships in combating crypto-related crime. Binance continues to play an essential role in restoring trust in the digital asset ecosystem.