Binance, the world’s largest cryptocurrency exchange by trading volume, has assisted the Enforcement Directorate (ED) of India in tracing and investigating a gaming scam worth $47.6 million.
Binance Helps India’s Enforcement Directorate Track $47.6 Million Linked to Gaming Scam
The scam, linked to the Fiewin gaming app, lured victims into online betting with promises of easy winnings before swindling their funds. Four people were arrested following the investigation.
According to Binance, the exchange played a key role by providing “critical intelligence” that helped trace illicit funds and uncover the fraud network. ED’s investigation uncovered Binance’s connections to digital wallets backed by the Financial Intelligence Unit (FIU).
“Public-private partnerships are crucial in combating complex financial crimes,” an ED representative said in a statement. “In this case, Binance’s analytical support contributed significantly to the investigation.”
Although it has not been confirmed that the $47.6 million was recovered, Binance’s efforts point to another collaboration with Indian authorities.
Earlier this year, Binance and India’s ED worked together to freeze millions in assets linked to the E-Nuggetsgaming app in a separate money laundering investigation.
Binance’s collaboration with India’s financial authorities underscores the growing importance of cryptocurrency exchanges in the fight against financial crime, especially in countries where cryptocurrencies are “unregulated.”
*This is not investment advice.