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Binance Partners with Royal Thai Police Against Scammers to Seize $277M

The operation’s code was “Trust No One” and it resulted in the detainment of 5 supposed chief syndicate participants and the confiscation of diverse funds.

Claudia Fischer

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Binance, a well-known crypto exchange, has recently announced that it operated alongside several law enforcement agencies to fight criminals. The operation’s code was “Trust No One” and it resulted in the detainment of 5 supposed chief syndicate participants and the confiscation of diverse funds. The cumulative value of the funds was nearly $277M. More than 3,200 of the victims have communicated with the authorities for compensation.

Binance and Royal Thai Police Collaborate to Catch Scammers and Seize $277M

The Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB) partnered with the United States Homeland Security Investigations (HSI) and Binance. This collaboration’s purpose deals with taking down a broad crime ring that supposedly conducted a pig-butchering cryptocurrency scam. Thanatus Kangruambutr, the police Lieutenant Colonel who is an inspector serving under the CCIB, commented on this development.

The official appreciated the contributions of the crypto exchange to the investigation. As per the inspector, the elevation in the crypto scams paved the way for substantial damage to the Thailand-based people. The inspector added that the department carried out rapid information exchange with chief collaborators like the investigations team of Binance.

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In this way, the effective operation led to the detainment of the criminals. According to the inspector, Binance is still a critical ally in the battle against cybercrime and scams. Tigran Gambaryan, the head of financial crime compliance at Binance, also remarked on this. As per Gambaryan, the firm will carry on its collaboration with diverse authorities around the world.

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The executive added that these authorities are contributing to restoring the trust in the ecosystem of digital assets. Binance has partnered with several players in the industry to fight crime associated with cryptocurrency. Last year, the platform recovered as well as froze up to $450,000 worth of assets stolen during the Curve Finance hack.

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