Crypto News- The world’s leading cryptocurrency exchange, Binance, has recently partnered with the Thai police to combat criminal networks utilizing digital assets for illicit purposes. The collaborative effort between Binance’s Investigations team and the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police has resulted in the apprehension of individuals involved in major cryptocurrency scams.
Binance Aids Thai Law Enforcement in Seizing 277 Million Dollars Linked to Crypto Scams
Through the valuable information shared by Binance and HSI, the CCIB successfully arrested five key members of the criminal organization and seized assets estimated at approximately THB 10 billion ($277 million). These assets included high-end items such as luxury cars, real estate properties, land, and various valuable possessions. In the wake of these developments, over 3,200 individuals have come forward, seeking compensation for their losses.
Police Lieutenant Colonel Thanatus Kangruambutr, the Inspector of the Cyber Support Unit at Thailand’s Cyber Crime Investigation Bureau, expressed his gratitude for Binance’s significant contribution to dismantling the criminal group. He highlighted the surge in crypto scams in recent years, which has inflicted significant financial losses in Thailand. However, swift information exchange with key partners like Binance played a pivotal role in the successful apprehension of the criminals, underscoring Binance’s crucial role in the fight against scams and cybercrimes.
This positive development sheds favorable light on Binance, especially considering the regulatory scrutiny it has faced in the past regarding concerns about investor protection. Nevertheless, some industry players, such as Paradigm, have expressed support for Binance in its recent legal battles, including its dispute with the U.S. SEC. Similarly, USDC issuer Circle has argued that stablecoins should not be subjected to the same regulatory rules as traditional securities.
Binance has reiterated its commitment to combating cybercrime through collaborative efforts with law enforcement agencies. This commitment aims to enhance the security of the Web3 ecosystem and ensure compliance with global regulations.
It’s essential to note that Binance and its CEO, Changpeng Zhao, have faced substantial regulatory pressure in recent months, including a lawsuit alleging market manipulation activities that led to financial instability for FTX.
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