In a recent announcement, Binance revealed its collaboration with law enforcement agencies to dismantle a criminal syndicate involved in a crypto scam.
The operation, codenamed “Trust No One,” resulted in the arrest of five key suspects and the seizure of assets totaling $277 million. So far, over 3,200 victims have come forward to seek compensation.
The Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB) worked closely with Binance and United States Homeland Security Investigations (HSI) to bring down the fraudulent operation, which targeted individuals in Thailand with a crypto-related scam.
Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, expressed gratitude for Binance’s support in the investigation.
He emphasized the growing threat of crypto scams and the financial harm they inflict on Thai residents. Inspector Kangruambutr stated, “Through prompt information exchange with key partners, including the Binance investigations team, this successful operation resulted in the arrests of the criminals.
Binance remains an essential ally in our combat against scams and cybercrimes.”
Tigran Gambaryan, Binance’s head of financial crime compliance, affirmed the company’s commitment to working with authorities worldwide.
He emphasized their dedication to “restoring trust in the digital-asset ecosystem” by actively participating in efforts to combat scams and cybercrimes.
