India Cracks Down on e-Nuggets Scam, Binance Assists: A Major Step for Crypto Regulation (BNB)

  • India’s enforcement authority has seized approximately $10.5 million from an online scam app, E-Nuggets, with the assistance of major cryptocurrency exchanges.
  • The scam app lured customers with high return promises, posing as a gaming platform, but shut down operations once investments were made.
  • Binance, the world’s largest cryptocurrency exchange, is preparing to re-enter the Indian market after agreeing to pay a $2 million fine.

India’s enforcement authority cracks down on a crypto scam, seizing $10.5 million with the help of major exchanges, while Binance prepares to re-enter the Indian market.

India’s Enforcement Authority Busts E-Nuggets Scam

India’s enforcement authority has seized roughly $10.5 million from an online scam app called E-Nuggets. The crackdown involved major cryptocurrency exchanges like Binance, ZebPay, and WazirX, which helped identify and block the crypto wallet accounts linked to the scam. The E-Nuggets app allegedly attracted customers with promises of high returns on investments, posing as a gaming platform. However, once the investments were made, the app shut down operations, effectively trapping the investors’ funds.

Investigation and Seizure

The investigation into the E-Nuggets app began in 2022 when suspicious transactions involving digital assets were noted. This led to the uncovering of around 2,500 dummy bank accounts and the seizure of assets worth over $19.5 million, which included cash, cryptocurrencies, account balances, and office properties. The brains behind the scam, Aamir Khan, and his accomplice Romen Agarwal, have been arrested and are currently in custody.

Binance’s Return to the Indian Market

Binance, the world’s largest cryptocurrency exchange, is preparing to re-enter the Indian market after agreeing to pay a $2 million fine. The fine comes as a resolution to compliance issues that led to Binance’s removal from the Apple Store in India earlier this year. Following the fine, Binance plans to re-establish itself as an FIU-registered entity, fully compliant with Indian regulations, including anti-money laundering and taxation laws.

Conclusion

The busting of the E-Nuggets scam highlights the importance of regulatory oversight in the cryptocurrency industry. As Binance prepares to re-enter the Indian market, the focus on compliance with local regulations underscores the need for exchanges to operate transparently and responsibly. This development serves as a reminder for investors to exercise caution when dealing with digital assets.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

DOGE Active Addresses Surge 400% to 390,000: Analyzing Key Trends and Comparisons

Recent metrics from Santiment highlight a striking increase in...

Celebrating 5 Years of Solana: A Milestone with Over 408 Billion On-Chain Transactions

On March 16, the Solana team marked a significant...

BTC Price Surges as ‘Hyperliquid 50x Whale’ Targets $68,774 Profit in Bold Limit Order

On March 16th, COINOTAG News reported that a significant...

North Korea Surpasses El Salvador and Bhutan with 13,562 BTC, Now the Third-Largest Government Holder of Bitcoin

According to recent reports from Bitcoin.com, a North Korean...

Bitcoin Set to Surge to $126,000 by June: Analysts Predict ‘Golden Window Period’ Ahead

On March 16th, COINOTAG News reported that analyst Timothy...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img