Crypto exchanges Binance, Coinbase join West Africa scam sweep that flagged $11 million
A joint international operation involving law enforcement and major crypto exchanges like Binance and Coinbase has identified $11 million in illicit funds linked to West African scam networks. The initiative resulted in multiple arrests and the removal of millions of fraudulent social media accounts.
Why it matters
This marks a significant milestone in public-private cooperation to combat cross-border cybercrime and human trafficking facilitated by digital assets.
The operation also identified 117 trafficking victims in Ghana who were awaiting repatriation to Nigeria, according to the U.K.'s National Crime Agency (NCA), and saw private companies identify more than $11 million in funds that could be frozen.
Partners also reported cryptocurrency seizures but did not disclose their value or the assets involved. The $11 million represents funds flagged for a possible freeze, not confirmed recoveries.
The NCA hosted the operation that brought tech firms and authorities together, to target networks targeting people in the U.S., U.K. and other countries. The DOJ described it as the first such joint operation focused on West Africa.
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