Binance Aids NCA in Freezing $12M from Approval Phishing Scams
Event summary
- Binance supported Operation Atlantic, a week-long international law enforcement effort led by the UK's NCA targeting cryptocurrency scammers.
- The operation identified over 20,000 victims across the UK, Canada, and the US, freezing $12 million in suspected criminal proceeds.
- Binance's Special Investigations team provided live account screening and proactive scam intelligence on-site at the NCA's London headquarters.
- No funds were seized or frozen from Binance accounts as the criminal proceeds were held outside the Binance platform.
- In 2025, Binance supported over 71,000 law enforcement requests and assisted in the confiscation of more than $131 million in illicit funds.
The big picture
Binance's participation in Operation Atlantic highlights the growing importance of public-private partnerships in combating cryptocurrency fraud. The operation underscores the strategic value of blockchain's inherent transparency in tracking and freezing illicit funds. This collaboration also signals a broader industry trend towards enhanced security measures and regulatory compliance as cryptocurrency exchanges seek to build trust with users and authorities alike.
What we're watching
- Regulatory Collaboration
- How Binance's proactive collaboration with international law enforcement agencies will affect its regulatory standing and public perception.
- Fraud Prevention
- Whether the pace of approval phishing scams will decrease following high-profile operations like Operation Atlantic.
- Industry Trends
- How other cryptocurrency exchanges will respond to Binance's active role in combating fraud, potentially setting a new industry standard.
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