Binance allays concerns surrounding crypto scams

Illicit activity drops to just 0.14% of total

- NAREERAT WIRIYAPONG

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 aminimal 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.