28 arrested in scam crackdown as Binance flags Ksh.1.36 trillion in potential fraud

Binance has joined international law enforcement agencies and technology companies in a coordinated operation targeting scam networks operating in West Africa, leading to 28 arrests in Ghana and Nigeria, the cryptocurrency exchange said.

The operation, known as Joint Disruption Week, involved cross-border intelligence sharing between investigators and private sector partners to disrupt criminal networks involved in online fraud, including fake investment schemes and impersonation scams.

Online scams are an increasingly prominent threat, with organised criminal groups recruiting and training workers, including people who have been trafficked, to deceive victims. The schemes range from fraudulent investment offers to impersonating police officers and staging fake arrests over video calls to pressure victims into transferring money.

In Ghana, authorities arrested 19 people near Accra, seized 303 electronic devices and identified 117 potential victims of human trafficking, Binance said.

Private sector partners, including Binance, identified more than Sh1.42 billion in funds that could potentially be frozen, according to the U.S. Department of Justice.

The operation highlights the growing role of cryptocurrency exchanges and technology companies in helping law enforcement trace illicit financial flows and disrupt online criminal networks.

Binance said it spends about Sh38.8 billion annually on compliance, with nearly 1,500 employees working in compliance-related functions. Its systems intercepted approximately Sh1.36 trillion in potential fraud, scams and irregular activity between 2025 and the first quarter of 2026, the company said.

"Scammers don't keep within borders so the response cannot stop at borders either," said Samukele Mkhize, Compliance Head for Binance Africa.

"When law enforcement, technology companies and exchanges share what they know in real time criminal networks lose the tools they depend on. We are proud to stand with the investigators across West Africa who made this operation possible."

Binance said it had supported authorities in responding to 313,653 law enforcement requests to date. In 2025, the company processed more than 71,000 requests, helping prevent Sh864 billion in potential fraud losses for users.

The exchange said it also provides free educational resources through Binance Academy, which allows users to learn about cryptocurrency and identify potential scams without creating an account.

"Enforcement removes the criminals but education removes the opportunity," Mkhize said.

"Most scams rely on pressure and panic. If someone promises returns that sound too good to be true or says you must pay urgently, this is a red flag to pause and verify. No genuine investment platform will ever rush an individual to move their crypto."

As digital financial services expand across Africa, cryptocurrency exchanges face increasing pressure to strengthen safeguards against fraud and improve cooperation with regulators and law enforcement agencies.

Binance said it would continue working with authorities and industry partners to improve security across the cryptocurrency ecosystem.

The company advised people who believe they have been targeted by a scam to report the incident to local police and contact Binance customer support through its official application or website.