Key points:
Binance supported India’s Enforcement Directorate in investigating a huge gaming scam of as much as $47.6 million connected with the Fiewin app. The exchange provided critical intelligence that allowed the authorities to trace the fraud network through digital wallets. This is part of the forensic work that Binance does in fighting financial crimes using its Financial Intelligence Unit.
Public-private partnerships, such as that forged here, form the bedrock of fighting complex financial crimes. Binance’s cooperation gave significant impetus to this investigation, leading to the arrest of four individuals involved.
Read more: Hamster Kombat Debuts On Binance, $643M Circulating Market Value
In one recent fraud investigation, Binance collaborated with ED from India to track the money in a $47.6 million scam related to the Fiewin gaming app. The key insight into discovering the fraud network was given by Binance’s Financial Intelligence Unit through analysis of digital wallets.
This is the second major operation between Binance and ED in a joint operation freezing millions of dollars in a money laundering case in 2022. Their cooperation, therefore, underlines the gravity of international cooperation in resolving crimes involving virtual currency.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Discover why investors are betting on FXGuys ($FXG), a TradFi crypto with massive growth potential.…
Binance founder CZ is set to be released today, September 27, two days earlier than…
Spot Bitcoin ETFs in the U.S. saw net inflows of $272.3 million on September 26,…
The SEC settled charges against TrueCoin and TrustToken for fraudulently marketing the TrueUSD stablecoin as…
Dive into BlockDAG’s significant rebrand and grab a 50% bonus on BDAG purchases as Ethereum…
Fintech giants Robinhood and Revolut are considering launching their stablecoins but have not yet confirmed…
This website uses cookies.