Coin

<ul class="wp-block-list news-points">
 <li>India’s ED and Binance’s FIU probed into the Fiewin gaming app’s $47 million investor fund fraud.</li>
 <li>The Enforcement Directorate arrested four individuals linked to Fiewin’s fraudulent activities.</li>
 <li>The gaming app lured clients into online betting and gaming, promising high returns.</li>
</ul>
Binance exchange, shared details on its role in helping India’s Enforcement Directorate (ED) investigate and dismantle a fraudulent online gaming platform, Fiewin. The operation resulted in the arrest of four individuals allegedly involved in a ₹400 crore (approximately $47.6 million) scam.
In a <a href="https://www.binance.com/en/blog/security/indias-enforcement-directorate-cracks-down-on-gaming-app-scam-with-binances-support-6829985169215749376" target="_blank" rel="noopener noreferrer nofollow">blog post</a> released today, Binance detailed how its Financial Intelligence Unit (FIU) provided critical assistance to the ED. Fiewin initially presented itself as a legitimate gaming platform but lured users into online betting and gaming with promises of exorbitant returns. Binance’s FIU furnished the ED with vital analytical support, helping investigators track the flow of illicit funds through the cryptocurrency ecosystem.
The development highlights the significance of collaborations between government agencies and private platforms to fight financial crimes. An ED representative…
The post <a href="https://coinedition.com/binance-helps-indian-authorities-crack-47m-crypto-gaming-scam/" rel="noopener noreferrer nofollow">Binance Helps Indian Authorities Crack $47M Crypto Gaming Scam</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Binance Helps Indian Authorities Crack $47M Crypto Gaming Scam

Coin Edition

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