Binance's Role in Combating Crypto Fraud in Thailand

Binance's Strategic Collaboration with Thai Authorities

Binance, a leading blockchain and digital asset provider, has partnered with the Royal Thai Police in significant operations to dismantle major crypto fraud networks in Thailand. These efforts emphasize Binance's proactive stance against cybercrimes and its dedication to enhancing security within the digital asset ecosystem.

Operation 'Trust No One'

The first major operation, codenamed 'Trust No One,' involved Binance's Investigations team working closely with the U.S. Homeland Security Investigation (HSI) and the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police. This operation targeted a 'pig butchering' scam, a sophisticated fraud that lures novice investors into fake investment platforms through cultivated trust and romance. The crackdown led to the arrest of five key members and the seizure of assets worth approximately THB 10 billion ($277M). Over 3,200 victims have sought compensation, highlighting the operation's impact.

Unraveling a Transnational Crypto Scam

In another significant effort, Binance contributed to unraveling a large-scale crypto fraud orchestrated by a network of transnational entities. This probe resulted in numerous arrests across Thai provinces, including Bangkok and Samut Prakan, with the assistance of over 200 Central Investigation Bureau officers. Seized assets included luxury homes, high-end vehicles, and cash, underscoring the success of the operation.

Commitment to Cybersecurity

Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, emphasized the importance of collaboration with Thai law enforcement to protect users and advance cybersecurity. Binance's commitment to fostering a trustworthy digital asset environment is evident in its robust compliance capabilities. The organization boasts an industry-leading compliance and investigations team, which includes regulators and law enforcement experts. Binance's track record includes assisting in over 103,000 law enforcement requests globally, underscoring its dedication to a safer digital-asset ecosystem.