Binance assists Thai Police in dismantling criminal networks

Binance has announced how it helped the Thai Police to crack down on a network of criminals. Binance worked in association with the US Homeland Security Investigation, sharing all the crucial information and expertise from their side.

It has now been revealed that scammers would entice novice traders to deposit their funds on a platform. Traders would then be shown fake profits on the interface, thereby encouraging them to keep depositing funds for better returns. Withdrawals, when attempted, would prompt a message telling them that the process is subject to taxes and, hence, more funds would be required. Ultimately, scammers would just run away with all the money, leaving novice traders with nothing in their hands.

Now, five group members have been arrested, along with their assets, valued at approximately $277 million. Seized assets include homes, luxury cars, and land, among many others. A positive from this incident is that 3,200 victims have come forward with the complaint to seek compensation.

Needless to say, victims coming forward before this time could have potentially helped others who have lost their funds.

Binance and the US HSI worked with Thailand’s Cyber Crime Investigation Bureau, also referred to as CCIB. The kind of scam the group undertook is called pig butchering, or Hybrid Investment-Romance Fraud. Police Lieutenant Colonel Thanatus Kangruambutr, in a ceremony, appreciated the efforts of Binance and HSI by saying that their contribution was significant in disrupting the criminal group.

They have also triggered a warning by highlighting that such scams have recently increased, causing financial damages worth millions of funds.

Binance had also dispatched an investigator to Thailand. This helped the authorities and Binance secure an arrest warrant on time. Having said that, it is important to note that Binance prides itself on deploying all the world-class security measures on the platform. However, as per our research and various Binance reviews, we can say that it hosts over a hundred cryptocurrencies and it is an ideal platform for experienced and newcomers both.

The police department has given Binance a commemorative plaque in recognition of their hard work. They have also shed light on the fact that the case could be developed early only because Binance was quick in supplying all the key pieces of information to them along with assistance in securing an arrest warrant.

The development comes as part of Binance’s efforts to deal with cybercrimes and an increase in their numbers. Tigran Gambaryan has said that they are proud of the association between Binance and the Royal Thai Police, adding that their collective efforts have brought tangible results to the investigation.


The Head of Financial Crime Compliance at Binance has assured the community that they will continue to collaborate with authorities worldwide to restore the community’s trust in the industry.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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