Binance Aids India’s Enforcement Directorate in Busting $47.6M Fiewin Gaming Scam

cryptonews.com:

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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.

According to a press release shared with Cryptonews.com, Binance’s Financial Intelligence Unit (FIU) provided crucial information that helped trace the funds and expose the fraud network.

The ED, India’s primary financial crime investigation agency, revealed that the collaboration with Binance was key in uncovering connections to digital wallets involved in the scam.

“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 and Binance have not yet disclosed whether the $47.6 million has been recovered.

The cooperation comes after Binance became one of the few foreign exchanges registered with India’s Financial Intelligence Unit earlier this year, providing a form of soft recognition in a country where cryptocurrency remains largely unregulated.

In a similar effort last year, Binance and the ED collaborated to freeze millions linked to another gaming app scam, E-Nuggets, as part of a money laundering investigation.

India’s stance on cryptocurrencies has been somewhat ambiguous.

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