Binance Offers its Full support to FIA in Ongoing Crypto Scam case

Last week, the Federal Investigation Agency ordered the authorities to lay hands on the culprits involved in the crypto scam. The agency also asked Binance to support it in the case. In response, Binance, the popular cryptocurrency exchange operating around the world, has pledged its full support to the Federal Investigation Agency (FIA).

Binance Pledges its Full Support to FIA

Yesterday, Binance contacted FIA Cyber Crime Sindh and ensured its full support regarding the probe into the crypto fraud. The scam involved 11 fraudulent apps that used Binance blockchain addresses. In a tweet, the head of FIA Cyber Crime Zone Sindh, Imran Riaz said,

A telephonic contact was made on Friday night, followed by e-mail contact on Saturday.

“Binance has nominated a two-member team to coordinate with FIA Cyber Crime,” Imran said. Furthermore, the official told that two members that have been nominated by Binance are ex investigators of the U.S. Department of Treasury and specialize in cryptocurrency investigations.

I appreciate the response of Binance, keeping in view the gravity of the issue, and look forward to continued cooperation in unearthing criminal activities based on cryptocurrency, Imran added.

The announcement from Binance has created a glimpse of hope for Pakistanis who, have lost around $100 million in the crypto scam.

Online Investment Frauds on the Rise in Pakistan:

Moreover, the federal agency through a statement informed that numerous online investment frauds are going on in the country on the pattern of Ponzi Schemes. In such cases, investors are promised unrealistically high returns on their investment if they bring in more clients. “These schemes benefit old clients at the cost of new clients and ultimately disappear when they have made substantial capital base worth billions of rupees,” added the statement.

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