US and UK join forces to crack down on West African fraud network, with Binance and Coinbase participating in fund tracing.

PANews October 18 news, according to CoinDesk, according to a U.S. Department of Justice announcement, law enforcement authorities in Ghana and Nigeria arrested 28 people in a joint operation targeting a West African fraud network, involving criminal activities such as cryptocurrency investment fraud. The operation was led by the United Kingdom's National Crime Agency (NCA), with participation from Binance, Coinbase, and blockchain analytics firms Chainalysis, Elliptic, and TRM Labs, among others. Coinbase said it assisted in tracing illicit funds, supporting asset freezes, and providing intelligence to investigators, identified more than 65 victims still suffering from the fraud, and helped avoid more than $415,000 in potential losses.

It is reported that during the operation, Ghanaian police arrested 19 people and seized 303 electronic devices, while another 9 people were arrested in Nigeria. In addition, 117 human trafficking victims in Ghana are awaiting repatriation to Nigeria, and participants also provided law enforcement authorities with leads on more than 30 suspected fraud centers. The U.S. Department of Justice said this is the first such joint operation specifically targeting the West African region.