The nations with great peace of adoption are among the countries reporting the highest number of crimes and illegal activities related to cryptocurrencies. In terms of crypto adoption, India tops the list followed by the United States and others.
As reported by a leading Finance news aggregator of India, the nation’s police and authorities have managed to identify and dismantle another fraudulent scheme ‘Goldcoat Solar scam’. The scheme was broadly circulated all over the country and the masterminds behind the identified scam have gathered huge chunks of gains in cryptocurrencies.
It is worth noting that the authorities successfully seized $100,000 USDT, a leading stablecoin from an account on Binance. Until publishing there was not an arranged set of rules for cryptocurrencies in India; despite the lack of regulations, the nation charges 31% taxes (including TDS) on gains on gains from digital currencies such as Bitcoin, Ethereum, and Others.
Binance & Indian Authorities Convergence a Destruction for Bad Actors
In collaboration with Binance the police department of New Delhi has identified a scam luring victims in exchange for high returns and defrauding hundreds of innocent investors.
The further information notes that several arrests were made in the same case; the official notes that the masterminds behind the false scheme misinterpreted them as verified firms by the Government of India and the Ministry of Power. It is also portrayed as having been dedicated towards the nation’s aim to boost its solar energy production pushing it to 450 gigawatts by 2030 end.
Following the action of the enforcement agency Binance said that the arrested and identified individuals used social media to spread their scheme which promises to deliver a huge return on their investment.
This recent crackdown isn’t the first time Binance has helped the agency identify such a fraudulent scheme. In mid-Q3, 2024 the exchange established an enforcement unit in Mumbai to dismantle and track wallet control by fraudsters who committed scams.
On September 25, 2024, Todayq reported that the exchange has assisted the enforcement agency in India in identifying and dismantling a million-dollar scam. The identified app was named as ‘Fiewin’allegedly connected with a gaming scam worth $47.6 Million.
Market watchers speculate that the helping nature of Binance in India could help the exchange structure its powerful presence in the nation. Several sets of data note that it is one of the most used crypto exchanges by Indian crypto moguls followed by WazirX, OKX, and other known exchanges.
Some leading crypto exchanges such as Binance, OKX & Kraken have an impressive user base in India and the user count is likely to grow towards new milestones by the end of 2025.
