Crypto Exchange Binance Claims It Helped ED Crack Rs 400 Crore Fiewin Gaming Scam

Recently, the Enforcement Directorate (ED) had caught the Fiewin gaming scam of $47.5 million (about Rs 400 crore). American crypto exchange Binance has claimed that its intelligence division had helped a lot in exposing this gaming scam. ED had declared it a fraud after catching suspicious transactions related to the Fiewin gaming platform.

Binance has a Statement In told that public-private partnership in the fight against financial crimes can increase its contribution to the country’s rapidly growing crypto segment. ED had said in its investigation that Fiewin is offering online gaming and betting under the guise of a legitimate app and is allegedly cheating users. Fiewin is promising quick returns to users under the guise of mini games and is encouraging them to top up the in-app balance in various ways. It does not allow users to withdraw funds when their balance is high.

In August, the ED arrested four executives associated with Fiewin for allegedly scamming users of $47.5 million (about Rs 400 crore). This amount was laundered through cryptocurrency assets and digital wallets. Binance claims that its intelligence unit provided crucial information that helped expose this fraud network and trace the funds.

Recently, Binance received a notice to pay GST of Rs 772 crore in the country. After this, Binance has reiterated its commitment to follow the laws of the country. This American exchange was issued a notice by the Directorate General of GST Intelligence (DGGI). Earlier this year, Binance’s business was temporarily banned in the country. The reason for this was the lack of registration of this exchange with the Financial Intelligence Unit (FIU). The reason for this notice is a fee collected from the traders of the country. The amount of this fee is about Rs 4,000 crore and it was transferred to the company abroad. The Ahmedabad zonal unit of DGGI had caught an irregularity in the functioning of Binance. Last month, Binance registered with the Financial Intelligence Unit (FIU) in the country.