Binanace has assured the Federal Investigation Agency (FIA) of Pakistan that they will participate in investigating a million dollar scam. FIA’s head of cyber crime, Imram-Riaz, stated that confirmation was received on January 7th that Binance is issuing its full support to the agency.
On December 20th, Pakistani citizens were bombarding the FIA with news of mobile applications ceasing to work and resulting in vast fraudulent activity. It was reported by the FIA that the range of fraudulent investment per person ranged from $100 USD to $80,000 USD, resulting in an estimated $2,000 USD per individual. That puts the amount of scammed money at nearly $100 million U.S. dollars.
In a tweet, Binance stated, “We do not comment on specific matters with regulatory and law enforcement authorities. However, as a matter of policy, our general approach is to cooperate with investigations wherever possible. Specifically, Binance tries to work closely with the law enforcement and regulatory community in an effort to develop best practices, mitigate and thwart new methods of criminality and prevent illicit proceeds from entering our exchange. We are working with the Federal Investigation Agency to resolve these issues.”
Powerful platforms like Binance are seizing the opportunity to incorporate crime prevention global standards as a core part of their role. In an effort to combat crime, Binance integrated CipherTrace Traveler in early July.