Binance Assists UK-Led Operation Targeting Global Crypto Scams

(AsiaGameHub) –   Binance has participated in a cross-border anti-fraud operation led by the UK National Crime Agency, as law enforcement authorities targeted approval phishing and crypto investment scams across three nations.

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Key Takeaways

• Over 20,000 victims have been identified through Operation Atlantic
• Law enforcement bodies froze more than $12 million in alleged criminal earnings
• Binance confirmed none of the frozen assets are held on its platform

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Binance Participates in NCA Anti-Scam Operation

Over 20,000 victims were identified before Operation Atlantic concluded, making victim protection the most distinct outcome of the week-long initiative. The operation was jointly run by the UK National Crime Agency, US Secret Service, Ontario Provincial Police and Ontario Securities Commission, with Binance joining as a private sector partner.

Binance deployed its Special Investigations team to the NCA’s London headquarters, where team members conducted real-time account screening and processed scam-related intelligence throughout the operation. The exchange noted its team assisted with identifying victims in real time, supported law enforcement outreach work, flagged suspected malicious actors and located scam websites that remained operational.

Approval phishing scams were the core focus of the operation. In these schemes, criminals impersonate investment service providers to trick users into granting access to their crypto wallets. Once that permission is provided, account funds can be fully siphoned off.

All assets frozen during the operation are held outside of Binance’s ecosystem. Binance stated no funds were seized or frozen from Binance accounts, even as the platform provided investigative support linked to asset seizure efforts.

“Operation Atlantic is a strong demonstration of what can be achieved when international agencies and private industry work closely together,” said Miles Bonfield, NCA Deputy Director of Investigations. “This intensive action has resulted in the protection of thousands of victims across the UK and globally, halted criminals mid-operation and helped prevent many other people from losing their funds. We know fraudsters operate across borders, and alongside our international partners, the NCA will target these bad actors no matter where they are based.”

“Approval phishing is one of the most harmful scam types targeting crypto users today, and Operation Atlantic highlights how effective anti-crime work can be when private and public partners collaborate to stop fraud at its source,” said Flavio Tonon, Binance Senior Regional Advisor for EMEA. “The inherent transparency of blockchain makes it hard for criminals to hide for extended periods while exploiting victims. We are proud to have played a significant role in protecting thousands of potential victims.”