Thailand’s Cyber Crime Bureau has retrieved over $277 million in stolen cryptocurrency funds with assistance from the Binance exchange. The bust led to the arrest of a criminal gang running “pig butchering” scams that targeted novice crypto investors.
Binance provided critical details that allowed Thai police to track down the scammers and recover luxury items purchased with illicit funds. Over 3,200 affected investors have filed compensation claims. This builds on Binance’s record of aiding law enforcement despite ongoing tensions with financial regulators.
Binance was previously pivotal in helping Thai police dismantle a transnational crime ring and has cooperated with authorities to identify terrorist groups misusing crypto. However, Binance faces accusations from the U.S. Securities and Exchange Commission of violating rules. The SEC alleges Binance engaged in unlawful activities though the exchange denies wrongdoing and claims to operate outside the agency’s jurisdiction.
While Binance has clearly assisted global law enforcement, its regulatory disputes and non-compliance reputation persist even as it conducts helpful investigative work with the police in apprehending crypto criminals. This dynamic illustrates ongoing clashes between crypto firms seeking legitimacy and regulators wary of an industry perceived as the “Wild West.”
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