Despite a significant increase in global cryptocurrency crimes this year, Thailand’s digital asset exchange operators maintained that crypto and digital assets have not been subject to scams and that illicit activities accounted for a minimal amount of total transactions.
Binance TH by Gulf Binance, a local joint venture of Binance — the world’s largest crypto exchange — said crypto and digital assets are simply tools that can be misused by a small number of criminals who constantly adapt their methods to exploit new technologies.
According to Chainalysis’s 2025 Crypto Crime Report, illicit activity accounted for just 0.14% of total on-chain transaction volume in 2024, a significant drop from 0.61% in 2023, said the company’s chief executive Nirun Fuwattananukul.
“It’s critical to understand the big picture that the vast majority of cryptocurrency transactions are legitimate. The belief that the cross-border nature of blockchain technology enables criminals to engage in illicit activities reflects a fundamental misunderstanding,” he told the Bangkok Post.
In fact, blockchain’s inherent transparency provides unparalleled visibility of the movement of digital assets. Furthermore, both Thai and international regulators have significantly enhanced their collaborative frameworks to combat crypto-related crimes.
“The concerted efforts across the industry — from exchanges like Binance TH by Gulf Binance to global law enforcement agencies, regulators and users — have collectively driven these positive developments,” Mr Nirun noted.
“By working closely with law enforcement agencies and regulators, we can develop robust safeguards to protect investors while fostering innovation. This ongoing collaboration has delivered concrete outcomes and underscores that real security knows no borders.”
THEFT ON THE UP
According to Chainalysis’s 2025 crypto crime mid-year updates, the value of stolen crypto rose 17% year to date versus the value of stolen crypto recorded in 2022, previously the worst year on record.
“With over US$2.17 billion stolen from cryptocurrency services so far in 2025, this year is more devastating than the whole of 2024. If current trends continue, stolen funds from services could eclipse $4 billion by year-end,” the US-based blockchain analysis firm said in its latest report.
Personal wallet compromises now represent a growing share of total ecosystem theft, with attackers increasingly targeting individual users, making up 23.3% of all stolen fund activity year to date in 2025.
APAC ranks second after North America in terms of total Bitcoin (BTC) stolen and third in terms of stolen Ethereum (ETH), whereas Central and Southern Asia and Oceania (CSAO) ranks second in terms of the value of stolen altcoin and stablecoin.
The US, Germany, Russia, Canada, Japan, Indonesia and South Korea top the list of highest victim counts per country, whereas Eastern Europe, the Middle East and North Africa and CSAO saw the most rapid year-on-year growth in victim totals in the first six months of 2025.
COLLABORATIVE EFFORT
Mr Nirun said Binance TH’s close collaboration with the Thai police has been able to take down highly sophisticated international money laundering networks involving digital assets. Such efforts reflect a shared dedication to protecting the community and strengthening cybersecurity.
The company remains committed to working with law enforcement agencies worldwide to help enhance trust in the digital asset space by maintaining robust compliance measures and actively cooperating with global law enforcement agencies, he noted.
Education is equally critical, said Mr Nirun, adding that Binance TH Academy has been promoting knowledge and understanding of the digital asset ecosystem and blockchain technology.
“The key is that the entire industry — exchanges, regulators and law enforcement — must work together. These collaborative efforts are making the crypto space safer while preserving the innovation and financial inclusion that digital assets promise,” he added.