Share this article
Binance Says It Helped India's Enforcement Directorate Trace $47.6M Related to a Gaming Scam
As many as four individuals have also been arrested.
By Amitoj Singh
Updated Sep 25, 2024, 5:51 p.m. Published Sep 25, 2024, 6:18 a.m.
- Binance says it has helped India's Enforcement Directorate to trace funds and arrest four people in a gaming scam.
- Victims were lured into online betting and gaming, promising easy earnings before trapping their funds.
Binance, the world's largest cryptocurrency exchange by trading volumes, has helped India's Enforcement Directorate (ED), the authority investigating financial crimes, arrest four individuals in a gaming scam worth $47.6 million.
Binance "provided critical intelligence that was instrumental in tracing the funds and uncovering the fraud network," an announcement said. "ED's investigation uncovered links to digital wallets together with deep cooperation from Binance's Financial Intelligence Unit (FIU)."
STORY CONTINUES BELOW
The fraud is related to the Fiewin gaming app in which victims were lured into online betting and gaming, promising easy earnings before trapping their funds.
The ED and Binance did not immediately respond to a CoinDesk question about whether the $47.6 million was recovered.
"Public-private collaborations are crucial in tackling complex financial crimes," an unnamed representative from the ED cited by Binance said. "In this case, they (Binance) provided us with analytical support that contributed to the investigation."
Earlier this year, Binance was one of two foreign exchanges registered with India's Financial Investigation Unit, a soft legitimization of sorts in a nation where crypto remains "unregulated."
In 2022, the ED and Binance worked together to freeze millions as part of a money-laundering investigation relating to a gaming app called E-Nuggets.
Read More: Binance Challenges $86M Indian Tax Showcause Notice: Source
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
State of Crypto: Policymakers Dominated Most Influential 2025
CoinDesk is unveiling its annual list of the individuals who have shaped the crypto industry and the discourse around it this year.
Top Stories
