Binance joins Pakistan probe into mega cryptocurrency fraud

KARACHI – Cryptocurrency exchange Binance has assured full support to the Federal Investigation Agency's (FIA) Cyber Crime Wing (Sindh) in an investigation into a multi-million dollar scam involving cryptocurrency.

The development was shared by FIA Cybercrime Sindh Imran Riaz on Twitter, days after a notice was issued to an official from Binance to explain his position on the company's linkage to "fraudulent online investment mobile applications".

The fraudulent apps were identified as MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, UG, TASKTOK and 91fp that were using Binance blockchain addresses for transactions of digital currency.

“Break Through in fraudulent online applications linked with Binance  case. Binance, contacted FIA Cyber Crime Sindh and assured its full support regarding mega financial scam investigation involving 11 fraudulent apps using Binance blockchain addresses,” the FIA official said in a tweet.

"Binance has nominated a two-member team to coordinate with FIA Cyber Crime. The investigators are associated with the US Department of Treasury with specialisation in cryptocurrency investigations," he added.

I appreciate the response of Binance keeping in view the gravity of the issue and looking forward to continued cooperation in unearthing criminal activities based on crypto currency .

— Imran Riaz (@ImmiRizz) January 11, 2022

The FIA official also appreciated the response from Binance and said he was looking forward to continued cooperation with the exchange in unearthing criminal activities based on digital currency.