Binance, the largest cryptocurrency exchange globally by trading volume, played a key role in aiding India’s Enforcement Directorate (ED) in the arrest of four individuals linked to a $47.6 million gaming scam. Binance provided essential intelligence that helped trace funds and expose a fraudulent network.
The ED’s investigation, with the help of Binance’s Financial Intelligence Unit (FIU), revealed ties to digital wallets, contributing to a deeper understanding of the fraud.
The scam revolved around the Fiewin gaming app, where victims were enticed into online betting with the promise of easy profits, only to have their funds trapped. Both the ED and Binance have yet to confirm whether the $47.6 million has been recovered.
A representative from the ED highlighted the importance of public-private collaboration in combating financial crimes, praising Binance for its analytical support during the investigation.
Earlier in 2024, Binance became one of two international exchanges to register with India’s Financial Investigation Unit, further solidifying its role in aiding financial crime investigations in a country where cryptocurrency remains largely unregulated.
In 2022, Binance and the ED teamed up to freeze millions of dollars in connection to another money-laundering investigation tied to the gaming app E-Nuggets.
