Binance has the highest trading volume among all cryptocurrency exchanges, the exchange holds operation licenses in over 100 nations. As per recent data, the exchange has assisted the enforcement agency in India in identifying and dismantling a million-dollar scam.
The information notes that the Financial Intelligence Unit (FIU) of Binance has provided major data about the Fiewin app, allegedly connected with a gaming scam worth $47.6 Million.
The scam begins by luring innocent investors to online gaming and promising them they can generate easy and convenient earnings before seizing their funds. While working on crucial tips provided by Binance, the ED discovered funds and other entities in the fraud network.
Following the action crackdown, the ED asserts that Binance has helped the agency discover the crypto wallet linked with this gaming scam.
The investigation specialist of Binance, Ferdinando D, who is closely working on the case with ED, notes, “This case showcases the critical importance of collaboration between public institutions like the ED and private entities like Binance in addressing the new types of digital threats.”
Binance has one of the highest user bases in India; a data source notes that till August 15, the exchange was offering services to 100 Million traders nationwide. In the same month, CeFi gathered legal status after India’s Financial Intelligence Unit (FIU-IND) approved its application to operate in the nation.
It is crucial to note that neither the exchange nor the agency has clarified whether the funds have been recovered.
Is India a Big Market for Cryptocurrencies?
Dozens of studies, research, and analysis based on crypto performance worldwide note that India has the fastest cryptocurrency adoption rate in the recent ranking the nation topped the adoption list for the 2nd consecutive year.
Source: Chainalysis
However, the regulatory stance over cryptocurrencies in India could be more precise. The nation’s government has imposed taxes on cryptocurrencies, but the nation neither prohibits nor allows investment in cryptocurrencies.
As per market experts, the pace of surging adoption could guide India’s government in structuring a favorable and transparent set of rules and regulations for the crypto market.
Some Indian residents that have been ruling the crypto market are the former CTO of Coinbase Balaji Srinivasan, and the founder and Chief Executive Officer of WazirX Nischal Shetty.
Sathvik Vishwanath the co-founder and CEO of Unocoin is among the crypto moguls in India; info notes that he has chunks of cryptocurrencies in his trading portfolio.
Raj Kundra, the husband of an Indian actress allegedly received 285 Bitcoins from Amit Bhardwaj and his known ones who started a Ponzi firm to trick investors in 2017.
Crypto Market Price Updates
Since the past few days, a significant bull’s dominance has been observed, and the cryptocurrency market capitalization grew by 7.39% in a week. However, in the past 52 weeks, the cap surged 113.39% and 36.49% YTD (Year to date).
Source: TradingView
When writing, the fear and greed index powered by CoinMarketCap was at 53, reflecting a neutral sentiment in the market; at the same time, Bitcoin was trading at $63,717, with an additional 6.32% in the past seven days.
The intraday gainer’s list is led by Sei (SEI), trading at $0.04627 with a surge of 24.76%, followed by Sui (SUI), which grew 11.56%, reaching $1.74. The loser list of the past 24 hours is topped by Arweave (AR) as its price fell 4.56%, reaching $22.21, followed by Nervos System (CKB) at $0.01633 after losing 3.97% of its price.
