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. Summary Authorities arrested 28 suspects in Ghana and Nigeria during an international crackdown on online scam networks. Private companies identified over $11 million potentially available for freezing, not money confirmed as recovered. Coinbase reported preventing over $415,000 in potential fraud losses and identifying more than 65 victims. Police identified 117 trafficking victims in Ghana, while Meta removed over 3.7 million suspicious accounts. Binance, Coinbase and blockchain investigators helped authorities trace suspected fraud and disrupt criminal online operations. 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 ...