Binance, Coinbase join West Africa scam crackdown as 28 arrested

Authorities in Ghana and Nigeria have arrested 28 suspects during an international crackdown on online fraud networks, with cryptocurrency exchanges Binance and Coinbase among the private companies helping investigators identify more than $11 million in potentially freezable funds. According to an October 13 announcement from the U.S. Department of Justice, the operation targeted groups suspected of running cryptocurrency investment scams, impersonation fraud and other schemes against victims in the United States, United Kingdom and elsewhere. The UK National Crime Agency hosted the coordinated effort in London from October 6 to 9, bringing together international police units, cryptocurrency companies and technology firms. Investigators identified 117 trafficking victims in Ghana, seized electronic devices and received intelligence on more than 30 suspected scam centers.

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