Crypto exchange Binance recently played a pivotal role in an official investigation conducted by Thailand’s law enforcement agency, showcasing its commitment to cooperation with international regulators and law enforcement bodies. The exchange’s collaboration led to the dismantling of a significant crypto scam network, providing relief to thousands of affected individuals.

According to an official post, Binance worked closely with the Royal Thai Police in an investigation that successfully resulted in the arrest of several suspects involved in fraudulent activities. Seeking assistance from the crypto trading venue, the Thai agency aimed to unravel the scheme and seize the assets associated with it.

This joint operation involved not only Binance but also the Cyber Crime Investigation Bureau (CCIB) and the US Homeland Security Investigation (HIS). Together, these law enforcement agencies and the crypto exchange exposed and halted the “Pig butchering scam,” which had inflicted substantial financial damage on numerous people in Thailand.

As a direct outcome of Binance’s involvement, the Royal Thai Police and the CCIB managed to apprehend five individuals connected to the fraudulent network. The authorities successfully seized an estimated $300 million in digital assets, luxury items, and properties linked to the scams.

Expressing appreciation for Binance’s integral contribution, Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit in the High-Tech Crime Division at Thailand’s Cyber Crime Investigation Bureau, stated:

“We value this partnership and look forward to continuing it. Binance remains an essential ally in our combat against scams and cybercrimes.”

Further details on the investigation reveal that the suspects enticed novice investors into depositing assets into fraudulent investment platforms. To mislead their victims into providing more funds, the suspects fabricated information about fictitious profits. Once victims had contributed significant amounts, the perpetrators vanished, leaving them bereft of both their initial and subsequent investments. Operations of the fraudulent network spanned over 30 locations across Bangkok, Udon Thani, and other provinces in Thailand.

In addition to its collaboration with law enforcement agencies, Binance even dispatched an official investigator to assist the Royal Thai Police throughout the investigation. Alongside the seized assets mentioned earlier, the combined efforts resulted in the confiscation of 16 luxury residences, 12 luxury vehicles, and $440,000 in cash.

Binance’s commendable contribution to the investigation led to the recognition and appreciation of the Thailand law enforcement agencies, who presented the exchange with a “commemorative plaque” as a token of gratitude. Colonel Panuphat Kittiphan with the Technology Crime Suppression Division remarked:

“We are pleased with the assistance provided by Binance. Their investigations team promptly supplied the necessary information, enabling us to develop the case profile and secure an arrest warrant, and sent an investigator to Thailand to participate in witness interviews.”

At present, Binance’s native cryptocurrency, BNB, is trading at $214, reflecting a 2% loss in the last 24 hours.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.