Foremost cryptocurrency exchange, Binance has contributed to a law enforcement clampdown against criminal syndicates that are responsible for crypto scams. According to a blog post released today, the crypto exchange explained how it collaborated with the Thai police to “dismantle criminal networks.”
As revealed, Binance’s Investigations team assisted the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police in tracking the syndicates. This effort led to the arrest of five prominent members of the group. Additionally, the collaborative effort led to the confiscation of assets worth about $277 million.
More so, these assets according to the blog post are luxury automobiles, houses, land, and other valuables. Meanwhile, before Binance and the CCIB collaborated, about 3,200 individuals complained about the activities of the syndicates. They disclosed how the syndicates had defrauded them of their funds and valuables.
Following the development, Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit at Thailand’s Cyber Crime Investigation Bureau, reacted to the clampdown on the syndicates. In his submission, the inspector heaped praises on Binance for contributing to the arrest. Similarly, the Inspector highlighted how crypto scams in recent years have caused “financial damage of hundreds of millions in Thailand.”
However, the support of key partners according to the Inspector proved pivotal in curtailing the growing menace. He singled out Binance for its outstanding efforts towards controlling the situation. Lastly, Thanatus Kangruambutr said the CCIB will continue to collaborate with the exchange as it values the existing relationship between them.
Binance effort toward ensuring a safer crypto landscape
As a leading crypto exchange, Binance has championed the quest of making the industry a safer place for investors. This effort has projected the exchange into a prominent role in the industry. On different occasions, the exchange has intervened on issues relating to the safety of every market participant in the crypto space.
Recall that on August 4, 2023, Binance collaborated with Taiwan authorities to combat crypto crimes. Then, the crypto exchange organized a workshop for more than 70 prosecutors. In the workshop, Binance educated the attendees on how to track and investigate crimes relating to cryptocurrency.
Above all, the recent collaboration with the CCIB will help Binance redeem its reputation in Thailand. Previously, the crypto exchange was at loggerheads with regulators in Thailand over compliance issues. Now, the latest development will project the exchange in a positive light among regulators in Thailand.