Pakistan will investigate Binance for a multi-million dollar crypto scam as the federal agency launched the criminal investigation after getting numerous complaints against investors sending funds from binance wallets so let’s read more today in our latest binance news.
Pakistan’s federal investigation agency issued a formal notice to Binance in an effort to try and identify the links in the multi-million dollar crypto scam in the region. The governemnt started a criminal investigation after getting plenty of complaints against the ongoing scam which involved misleading investors that send funds from Binance Wallets to unknown 3rd party wallets. As per the local coverage, the FIA Cyber Crime Wing, issued an order of attendance to the Binance Pakistan GM Hamza Khan to identify the exchange’s link to fraudulent online mobile applications for investments.
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The notice read:
“A relevant questionnaire has also been sent to Binance Headquarters Cayman Islands and Binance US to explain the same.”
KARACHI: Federal Investigation Agency (FIA) has detected an online fraud of Rs100 billion using a cryptocurrency and issued notice to the local representative of Binance, @cz_binance @binance @BinanceHelpDesk @BinanceUS pic.twitter.com/3oukwzmDqh
— Innocent Pashteen✌ (@FighterDawar) January 7, 2022
The investment frauds in Pakistan were performed by asking users to register on Binance and transfer the funds to a 3rd party wallet under the pretext of huge returns:
“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.”
Based on the complaints raised by the citizens, Pakistan will investigate Binance after identifying 11 fraudulent mobile apps which stopped working after stealing the users’ funds. The apps identified by FIA are HFC, MCX, FXCOPY, BB001, BX66, UG, TASKTOK, AVG86C, and 91fp. In addition o the users that sign up on Binance to transfer the funds, the fraudsters added the victims in a Telegram group to provide expert opinion and each application hosted about 5000 customers on average:
“At least 26 suspect blockchain wallet addresses (Binance wallet address) have been identified where fraudulent amount may have been transferred. A letter has been written to Binance Holdings Limited to give the details of these blockchain wallet accounts as well as to debit block them.”
Binance was asked to give more details as well as supporting documents and API mechanisms that were used by the scammers to connect with Binance’s services. While the FIA blocked the bank account that was linked to the suspicious apps, the notice warned:
“In case of non-compliance, FIA Cyber Crime will be justified to recommend financial penalties on Binance through the State Bank of Pakistan.”
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