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Binance and the Royal Thai Police to fight digital asset frauds

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Binance and the Royal Thai Police to fight digital asset frauds

The adoption of digital assets is picking up. Regions only have the option to keep up with it. A crucial aspect is adapting to the dynamics of this transition. The Royal Thai Police have taken note of this aspect and announced their collaboration with Binance, a crypto exchange platform. Their association centers around developing and strengthening the ability to trace and interpret blockchain transactions.

The idea is to safeguard the interests of people in Thailand. Thereby assisting them at a time when they have become victims of a malicious incident on the internet.

Simply put, Binance and the Royal Thai Police will collectively work to combat digital asset-related crimes in Thailand. It is only time for authorities to jump into the field. According to reports, scams related to digital assets have resulted in a total of ฿2.73 billion. Criminal gangs that undertake such malicious activities have the hidden agenda of utilizing the stolen funds for money laundering and illicit activities.

Jarek Jakubcek, the Head of Law Enforcement Training at Binance, has acknowledged that the presence of bad actors is inevitable. At best, authorities and platforms can only devise ways to prevent the loss of digital assets and bring parties involved to justice.

The current development is in line with the efforts of Binance exchange to boost its association with law enforcement agencies across the globe. The crypto platform had earlier launched a training program for authorities, helping them to detect fraudulent activities and assist in the prosecution of bad actors.

The transparency that blockchain technology imparts is an effective feature. That is precisely what they are capitalizing on, according to Jarek. They have access to all pertinent information, such as the date, amount, and time of the transaction, among others. Similar methods may be applied to prosecute and trace fraudulent transactions.

Online or cybercrime are not new to the market. They have long existed and are currently evolving as the industry grows. The core approach stays unchanged. Malicious actors find people and their information on social media platforms, seek to engage with them and lure them into bogus investment possibilities. The funds stolen are never returned and are instead used for selfish purposes.

Scams frequently achieve their objectives by utilizing the prevalent user-friendly AI tools. These allow them to create an authentic-looking website, deceiving even seasoned investors into falling victim to their schemes.

A sentiment echoed by Pol Maj Gen Suwant Kerdkaew highlights the need to keep up with the pace at which crimes are evolving. The Deputy Commander of Technology Crime Inspection and analysis has added that it often takes time to track and collect all pieces of information, making things complicated in the digital realm.

Joining hands with Binance could make it more convenient and faster for authorities to track and interpret fraudulent transactions. The goal is to help investors get their stolen funds back and prosecute malicious actors engaging in digital asset-related crimes.

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