Binance, the world’s largest cryptocurrency exchange by trading volume, has played a pivotal role in assisting India’s Enforcement Directorate (ED) in dismantling a $47.6 million gaming scam linked to the Fiewin app.
The scam involved luring victims into online betting and gaming, promising easy earnings before seizing their funds.
“This case showcases the critical importance of collaboration between public institutions like the ED and private entities like Binance in addressing the new types of digital threats,” Ferdinando D., Binance Investigation Specialist working on this case alongside the ED, said.
The ED revealed that the collaboration with Binance was key in uncovering connections to digital wallets involved in the scam.