Binance Assists Indian Authorities in Exposing $47.6 Million Fiewin Gaming Fraud
Binance, one of the largest cryptocurrency exchanges globally, has been instrumental in aiding Indian authorities in cracking down on a massive gaming scam involving the Fiewin app, valued at $47.6 million. The scam lured users into online gaming and betting under the pretense of easy profits, only to later seize their funds.
Binance’s Financial Intelligence Unit (FIU) played a crucial role in tracking the flow of funds and providing vital information to India’s Enforcement Directorate (ED), helping to dismantle the fraudulent network. The collaboration highlighted the importance of cooperation between private firms and government bodies in tackling digital crimes.
The ED and Binance are yet to confirm whether the recovered funds have been returned. This case follows previous partnerships between the two entities, where they worked to freeze millions linked to similar gaming scams. Binance’s involvement has been significant since it registered with India’s Financial Intelligence Unit earlier this year, marking an important step as cryptocurrency regulations remain uncertain in the country.
Meanwhile, Binance has also reported a 40% surge in institutional investors joining its platform, reflecting growing confidence in the cryptocurrency market, despite ongoing regulatory challenges faced by the exchange.
