Binance assisted the Royal Thai Police in dismantling a big-scale crypto fraud ring, providing extra than three,200 victims the possibility to recover their assets.
According to Binance’s October two, 2023 publish, the world’s foremost cryptocurrency exchange played an critical purpose in supporting the Royal Thai Police in carrying out operations to disrupt criminal networks concerned in big-scale digital currency scams.
Binance’s assistance assisted Thai law enforcement arrest important members and confiscate assets well worth somewhere around ten billion baht (equivalent to 277 million bucks).
We are proud to assistance the Royal Thai Police in cracking down on digital asset crimes in Thailand.
Our latest assistance assisted them include things like two separate investigations, which led to the arrest of the criminals behind key crypto scams.
More info under.https://t.co/SSG9EV80Ha
— Binance (@binance) October 3, 2023
Specifically, Binance supported Thai law enforcement in two campaigns: “Trust No One” and “Destroy Transnational Criminal Networks.”
“Don’t trust anyone” campaign.
Target: Behind the “Ponzi” scam model lies a criminal gang. Scammers have created believe in with victims to lure them to fraudulent investment platforms. Then, it lets the victim acquire fake revenue displayed on the application, consequently motivating them to appeal to new traders.
Cooperation: Binance’s investigation group worked closely with the US Homeland Security Investigations (HSI) and the Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB).
Result: The campaign has efficiently arrested five important members of this organization, confiscated assets well worth somewhere around ten billion baht (equivalent to $277 million) and had extra than three,200 victims searching for compensation.
Binance’s purpose in this operation was very appreciated by Hi-Tech Crime Division Inspector, Police Lieutenant Colonel Thanatus Kangruambutr for disrupting the criminal exercise and awarded by the CCIB held on 09/18/2023.
Campaign “Destroy transnational criminal networks”
Target: A big-scale cryptocurrency fraud in numerous provinces, bringing collectively numerous transnational criminal organizations.
Cooperation: Binance serves as a important intelligence hub, and the exchange’s investigation group has also coordinated with extra than 200 officers from Thailand’s Central Investigation Bureau (CIB) to help in getting arrest warrants.
Result: Numerous suspects have been arrested in thirty distinct provinces of Thailand, like: Bangkok, Samut Prakan and Udon Thani. Illegal assets had been seized, like sixteen luxury residences, twelve luxury autos and sixteen million baht (equivalent to $440,000) in income.
CIB awarded a Certificate of Commendation to Binance’s investigation group in recognition of this useful support. Police Lieutenant Colonel Panuphat Kittiphan, Deputy Director of Division one, Technology Crime Suppression Team, commented:
“We are pleased with Binance’s support. Their investigation team quickly provided the necessary information, allowing us to develop a case file and obtain an arrest warrant, and they even sent an investigator to Thailand to participate in witness interviews.”
Binance also states that more than the previous three many years it has implemented and supported extra than 103,000 law enforcement requests, demonstrating its dedication to marketing a safe and trusted digital asset ecosystem.
As reported by CoinliveThailand is a single of the uncommon nations with a pleasant and open perspective in direction of cryptocurrencies, proactively announcing a regulatory framework requiring exchanges to safeguard client assets and announcing tax exemptions for firms raising capital by way of tokens. However, the fraud circumstance in the “land of golden temples” is nevertheless intricate.
On September eleven, 2023, Thai police arrested five foreigners who orchestrated a cryptocurrency investment fraud scheme, resulting in the deaths of three,280 men and women and complete losses of up to two.seven billion baht (equivalent to $76 million) .
On August 21, 2023, Thailand’s Ministry of Society and Digital Economy MDES was forced to get legal action by asking the area court to shut down Facebook (Meta) due to widespread fraudulent marketing on this association’s social network.
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