Binance’s Efforts Aid in the Recovery of $277M From Thai Criminal Ring
Binance, the global cryptocurrency exchange leader, has made significant contributions to the crackdown on criminal networks in Thailand. These networks attempted to launder stolen funds through digital assets, ultimately exposing the trail of illicit funds.
Thai Police Teams up With Binance and U.S. Homeland Security
The Cyber Crime Investigative Bureau (CCIB) of the Royal Thai Police alongside Binance and U.S Homeland Security Investigtion (HSI) have together brought down a notorious criminal organization in Thailand responsible for the infamous hybrid investment-romance fraud also known as pig buctcherig scam that had significant impact on many people in the country.
The CCIB having retrieved intelligence from HSI and Binance made arrested five principal persons from this ring and recovered some of the stolen assets valued at $277 Million (THB 10 billion).
The retrieved assets includes landed properties, luxury vehicles, and other high end assets. According to the police, over 3200 Thais have come forward to identify as victims.
During a press conference and award ceremony held to address the arrests and retrieval of assets, Thanatus Kangruambutr, inspector in the cyber support unit of the CCIB lauded Binance for trading information that helped in the successful crackdown of the group and noted the unfortunate rise in crypto scams in recent times which has affected millions.
The criminal network lures their victims who are always targeted novices and slowly warms their way through their hearts earning their trust. Shortly after they convince these innocent investors to put their assets into fraudulent platforms after which they continue to entice them by showing accounts of fake profits.
The scammers then run off with the assets, this type of cyber crime is commonly known as hybrid investment-romance fraud or pig butchering.
Binance Helps Take Down Another Criminal Group
Binance intelligence came in handy a second time recently in bringing down a transnational crime group spread across 30 cities including Udon, Bangkok, Samut Prakan and Thani provinces. Additionally the crypto exchange sent an investigator down to Thailand to help secure the arrest warrant.
The operation confiscated stolen assets including 12 luxurious vehicles, $440,000 in cash (THB 16Million), and 16 upscale residents. Thai police awarded the Binance investigative team with a plaque applauding their efforts in the successful police bust. Binance claims to be at the forefront of compliance in the industry and a role model for other for other traditional financial institutions.
Binance Encounters More Legal Issues, Paradigm Releases Statement
The Securities Exchange Commission (SEC) took Binance to court in June over multiples counts of violations of securities laws including failure to register the company as an exchange, broker-dealer or clearing agency, unregistered sales and offers of BNB and BUSD. Furthermore, SEC accused Binance of refusing to restrict U.S. investors from using Binance.com.
Venture Capital Firm Paradigm accused SEC of overstepping and failure to adhere to its own rulebook. The firm claims the securities exchange has not bothered to address the shortcomings of its application of the howey test.
In another recent development, a California man simply identified as Nir Lihav in a class action suit has brought claims accusing the crypto exchange of having a hand in the collapse of FTX.
The lawsuit references tweets made by Changpeng Zhao, Binance’s CEO, just before the FTX catastrophe implying that Zhao actively participated in activities that cemented the downfall of FTX.
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