Binance Strikes Back: Joins T3+ Crime-Fighting Alliance, Freezes $6M in Landmark Pig Butchering Crackdown

Crypto's biggest exchange just turned vigilante. Binance flexes its compliance muscles by teaming up with the T3+ alliance—and immediately nukes $6 million in a pig butchering scheme. Talk about making bacon.

The Takedown: No more 'sizzle without the steak.' The exchange's security squad traced, froze, and handed over the funds faster than a DeFi rug pull. Proving crypto's not the Wild West when the sheriffs actually care.

Why It Matters: While banks still trip over KYC paperwork, Binance just rewrote the playbook. A $6M freeze shows blockchain's transparency can be a scammer's worst enemy—assuming exchanges bother to look.

The Bottom Line: Suddenly 'compliance' doesn't sound so boring. One crypto jab at traditional finance's fraud-fighting speed (or lack thereof), and suddenly $6M isn't disappearing into offshore accounts. Progress—with a side of schadenfreude.

First Win: $6 Million Pig-Butchering Scam Foiled

In a blog post, Binance said it has contributed to T3+’s first successful case. In a coordinated cross-industry and law enforcement effort, the partners froze nearly $6 million linked to a pig-butchering scam—a type of fraud that uses social engineering to lure victims into fraudulent crypto investments.

The case demonstrates the value of real-time intelligence sharing and collective action. Binance said its involvement not only aided the recovery of stolen funds but also reinforced the deterrent effect of fast, coordinated responses against cybercriminals.

Between December 2022 and May 2025, Binance reported helping to protect 7.5 million users from nearly $10 billion in potential fraud, showing the scale and importance of robust detection systems and partnerships like T3+.

How T3 FCU and T3+ Operate

T3 FCU is a joint industry initiative designed to monitor blockchain transactions at scale, detect suspicious activity, and work directly with law enforcement to freeze criminal assets.

So far, the group has analyzed millions of transactions totaling more than $3 billion in volume, dismantling operations across borders. T3+ said it is welcoming more exchanges, financial institutions, and blockchain service providers into its network.

Chris Janczewski, head of global investigations at TRM Labs, said that “novel public-private partnerships like T3+ are proving scalable and effective through close collaboration with law enforcement across jurisdictions.”

Unified Push for a Safer Crypto Space

Players from Tether, TRON, and TRM Labs agree that industry-wide cooperation is the only way to address blockchain crime effectively.

“Freezing over $250 million in illicit assets in less than a year is a powerful testament to what’s possible when the industry comes together,” said Paolo Ardoino, CEO of Tether.

Justin Sun, founder of TRON, added that “real-time collaboration expands the scope of what’s possible to protect users worldwide.”

For Binance, the T3+ partnership is part of a broader compliance and security strategy, which includes advanced threat detection, freeze-and-recovery protocols, and deeper engagement with regulators.

The exchange says it will continue strengthening these measures to ensure blockchain innovation can thrive alongside trust, security, and transparency.

Binance Partners with BBVA to Offer Off-Exchange Asset Custody

Binance is also working with Spain’s BBVA to offer clients independent custody of their digital assets. The arrangement is a MOVE by Binance to rebuild investor trust following its record $4.3 billion fine by U.S. regulators in 2023 and the broader industry fallout from the collapse of FTX.

BBVA, Spain’s third-largest bank, has recently begun serving as an independent custodian for Binance.