Binance has partnered with Indian law enforcement agencies, including the Ahmedabad Cyber Crime Branch, to tackle a surge in cryptocurrency-enabled financial scams targeting Indian citizens. This collaboration focuses specifically on combating ‘digital arrest’ scams where fraudsters impersonate officials and coerce victims into making crypto payments.
The exchange’s Financial Intelligence Unit (FIU) played a pivotal role in tracing illicit funds through blockchain analysis. Key cases include assisting authorities in investigating criminals who defrauded a 90-year-old victim of ₹1.25 crore and tracking ₹49 lakh laundered by a jobseeker through Nepal.
This initiative highlights blockchain technology’s potential as a crime-fighting tool, leveraging its immutable ledger to enhance transaction traceability. Binance underscored the critical need for international cooperation to strengthen cybersecurity measures and protect individuals from evolving crypto-enabled fraud schemes.
The partnership demonstrates Binance’s commitment to maintaining ecosystem security in South Asia by actively dismantling criminal networks abusing digital assets.