Binance Aids Royal Thai Police To Defend against Criminal Network
According to a statement from Binance, it has assisted Thai authorities in battling criminal networks that use digital currencies to send money unlawfully.
Recently, the Investigations team at Binance supported two independent investigations in Thailand that led to the successful arrest of persons in charge of substantial cryptocurrency frauds.
In order to assist with cybercrime instances recently, the Binance Investigations team collaborated closely with Thai law enforcement. A criminal group responsible for a significant fraudulent pig slaughtering operation that has affected several people in Thailand was effectively brought down through a joint investigation by Homeland Security Investigations (HSI) and the Cyber Crime Investigation Bureau (CCIB).
According to Tigran Gambaryan, head of financial crime compliance at Binance, “We draw immense pride from the collaborative actions of the Binance Investigations team and the Royal Thai Police.”
Using information from Binance and HSI, the CCIB was able to capture five important members of this syndicate and seize assets worth about THB 10 billion ($277 million).
These possessions included opulent vehicles, homes, properties, and other items. In response to these events, more than 3,200 individuals have come forward to ask for compensation for their losses.
Binance was instrumental in revealing a massive cryptocurrency fraud that was being run by a vast network of international criminal groups.
As a result of that inquiry, suspects were apprehended in the provinces of Bangkok, Samut Prakan, and Udon Thani. More than 200 CIB officers contributed to its completion.
Binance not only supplied crucial details that aided in these arrests but also dispatched an investigator to Thailand to facilitate the process of securing arrest warrants.
Through this operation, the Royal Thai Police were able to seize 16 luxury homes, 12 high-end cars, and 16 million Thai Baht ($440,000) in cash, in addition to other illegal assets.
With an average response time of three days, Binance has actively assisted and cooperated with law enforcement in over 103,000 investigations over the past three years, which is faster than the typical response time of traditional financial institutions.
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