Binance Assists Indian Authorities in Uncovering $47M Crypto Gaming Scam
India's Enforcement Directorate (ED) and Binanceâs Financial Intelligence Unit (FIU) joined forces to investigate a $47 million fraud involving the Fiewin gaming app. This probe led to the arrest of four individuals linked to the scam.
Fiewin initially posed as a legitimate gaming platform, enticing users with promises of high returns through online betting and gaming. However, it soon became clear that the app was part of a large-scale fraud.
In a recent blog post, Binance shared details about its role in aiding the ED's investigation. Binanceâs FIU provided crucial analytical support that helped track the illicit flow of funds through cryptocurrency channels. The cooperation between Binance and Indian authorities was key to uncovering and dismantling the fraudulent operation.
This case underscores the importance of collaboration between government agencies and private companies in combating financial crimes.
Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice.
#india_crypto #BinanceLaunchpoolHMSTR #CATIonBinance #NeiroOnBinance #Write2Earn!