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According to FOI, Binance was Involved in 20 Percent of UK Crypto Fraud Last Year

The City of London Police recently released a report revealing investors lost £36 million ($39.7 million) to Binance-related cryptocurrency fraud last year.

These figures were calculated based on fraud and cybercrime reports to Action Fraud, the UK’s reporting center. Data obtained via a Freedom of Information (FOI) request show that theft from Binance is responsible for 17% of the £204 million in cryptocurrency fraud reported to law enforcement in 2021. The increase is almost two times what it was last year.

 

The announcement comes soon after a cyberattack on the global cryptocurrency exchange’s BSC Token Hub resulted in a loss of two million BNB, or approximately $580 million.

What Does the Report Reveal?

According to the research, Bitcoin accounted for $121 million in scams across all platforms in 2021. Overall, police reported 9,288 instances of cryptocurrency crime across multiple exchanges, with victims losing an average of £21,620 each.

In addition, statistics reveal that two-thirds of crypto fraud victims are male, and four out of five are older than 30. There is no evidence that Binance has acted improperly; instead, it appears that illegal trades have been enabled unintentionally by the company.

He questioned why the police had left off specific numbers from other exchanges in the FOI, according to Tigran Gambaryan, Binance’s head of global intelligence and investigations. According to him, the company would determine how the $40 million was divided up.

“It is unusual for law enforcement to identify a particular firm in this manner,” Gambaryan told CITYA M. Binance told the publication that it is working with international law enforcement simultaneously to develop “the most advanced cyber forensics team on the globe.”

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