Binance, Coinbase Join West Africa Anti-Fraud Operation, Help Identify Over $11 Million in Funds for Potential Freezing
According to an announcement by the U.S. Department of Justice, law enforcement agencies in Ghana and Nigeria arrested 28 people in a joint operation targeting West African fraud networks involved in crimes including cryptocurrency investment scams. The operation was led by the U.K.’s National Crime Agency (NCA), with participation from Binance, Coinbase, and blockchain analytics firms Chainalysis, Elliptic, and TRM Labs, among others. Private-sector partners identified more than $11 million in funds that could potentially be frozen, though this amount does not represent assets confirmed as recovered.
Coinbase said it helped trace illicit funds, support asset freezes, and provide investigators with intelligence. It identified more than 65 victims who were still being targeted by scams and helped prevent potential losses of over $415,000. During the operation, Ghanaian police arrested 19 people and seized 303 electronic devices, while nine others were arrested in Nigeria. In addition, 117 trafficking victims in Ghana are awaiting repatriation to Nigeria, and participants provided law enforcement with leads on more than 30 suspected scam centers. The U.S. Department of Justice said this was the first joint operation of its kind focused specifically on West Africa. $BNB
According to an announcement by the U.S. Department of Justice, law enforcement agencies in Ghana and Nigeria arrested 28 people in a joint operation targeting West African fraud networks involved in crimes including cryptocurrency investment scams. The operation was led by the U.K.’s National Crime Agency (NCA), with participation from Binance, Coinbase, and blockchain analytics firms Chainalysis, Elliptic, and TRM Labs, among others. Private-sector partners identified more than $11 million in funds that could potentially be frozen, though this amount does not represent assets confirmed as recovered.
Coinbase said it helped trace illicit funds, support asset freezes, and provide investigators with intelligence. It identified more than 65 victims who were still being targeted by scams and helped prevent potential losses of over $415,000. During the operation, Ghanaian police arrested 19 people and seized 303 electronic devices, while nine others were arrested in Nigeria. In addition, 117 trafficking victims in Ghana are awaiting repatriation to Nigeria, and participants provided law enforcement with leads on more than 30 suspected scam centers. The U.S. Department of Justice said this was the first joint operation of its kind focused specifically on West Africa. $BNB