Binance Helps Thailand With Crypto Scams
Binance, the biggest cryptocurrency exchange in the world, has been supporting Thai law enforcement in a campaign to take down criminal organizations. Additionally, the company apparently intends to launch an exchange in the kingdom by year’s end.
Binance announced on October 3 that it had been instrumental in supporting Thai law enforcement. It worked on two projects that resulted in the destruction of criminal organizations behind significant cryptocurrency fraud.
Binance contributed information to “Operation Trust No One,” which resulted in the capture of five individuals who were running a pig-butchering scam that had thousands of victims in Thailand.
Over $277 million in assets were seized as a result of the inquiry. These also featured expensive vehicles and real properties in addition to cryptocurrency.
A Thai retiree lost $570,000 to a scammer in August, while Binance helped uncover a large transnational crypto scam network. The probe led to arrests and seizure of luxury assets and cash across 30 Thai sites. The investigation employed over 200 officers from the Cyber Crime Investigation Bureau. Binance is not currently operating a crypto exchange in Thailand, but is planning to do so, as the market is currently dominated by Bitkub.
(With inputs from Shikha Singh)
You need to login in order to Like
