Binance says it helped identify more than $11 million in funds that could potentially be frozen during an international operation targeting online scam networks in Ghana and Nigeria.
The crackdown resulted in 28 arrests and highlights how cryptocurrency platforms and law enforcement agencies are working together to tackle cross-border fraud.
The operation, known as Joint Disruption Week, involved technology companies and law enforcement agencies sharing intelligence to identify criminal networks and disrupt their operations.
According to Binance, the networks ran fake investment schemes, impersonated police officers, and staged fraudulent arrests over video calls to frighten victims into sending money.
In Ghana, authorities arrested 19 people near Accra, seized 303 electronic devices, and identified 117 suspected victims of human trafficking. Nine more people were arrested in Nigeria.
Investigators also identified more than $11 million in funds that authorities could potentially freeze. This does not mean the money has already been seized or returned to victims.
A Reflection of Kenya
The crackdown is relevant to Kenya, where growing digital connectivity and online financial services have created opportunities for legitimate businesses as well as cybercriminals.
In September, Kenya recorded 11.12 billion detected cyber threat events during the 2025/2026 financial year, a 29% increase from the previous year.
The figures highlight the scale of suspicious cyber activity, although threat events are not equivalent to confirmed attacks or individual fraud victims.
Cryptocurrency has also featured in attacks targeting public institutions. In July 2026, attackers reportedly hacked the President’s official State House website and demanded KES 41 million in Bitcoin.
The incident showed how digital assets can feature in extortion attempts against institutions.
Kenyan authorities have also confronted fraudulent investment schemes. In February 2026, INTERPOL announced that Operation Red Card 2.0 had resulted in 651 arrests across 16 African countries, with more than $4.3 million recovered.
In Kenya, authorities made 27 arrests linked to fraudulent investment schemes that used messaging applications, social media, and fabricated testimonials to attract victims.
Some were shown fake account statements and investment dashboards to make their supposed returns appear legitimate, while withdrawal requests were blocked.
The wider operation investigated scams associated with more than $45 million in financial losses and identified 1,247 victims.
These cases illustrate how investment fraud can exploit trust in familiar platforms and established brands. Scammers do not necessarily need to hack an exchange or steal cryptocurrency directly.
They can instead persuade people to send money to fraudulent platforms that display fabricated profits.
READ: Mobile Money Is Now Kenya’s Biggest Fraud Problem
Binance Highlights Its Investment in Compliance
Binance says its contribution to Joint Disruption Week builds on its investment in compliance and cooperation with investigators.
The company reports spending approximately $300 million annually on compliance, with nearly 1,500 employees working in related functions.
It also says its systems intercepted approximately $10.53 billion in potential fraud, scams, and irregular activity between 2025 and the first quarter of 2026.
In 2025, Binance processed more than 71,000 law enforcement requests and says its work helped prevent $6.69 billion in potential fraud losses.
“Scammers don’t keep within borders, so the response cannot stop at borders either,” said Samukele Mkhize, Binance Africa’s compliance head.
Users Still Need to Recognize the Warning Signs
Mkhize also highlighted that while enforcement could remove criminals, education on cyberscams could help prevent people from falling victim to their schemes.
For Kenyan consumers, warning signs include promises of unusually high returns, pressure to transfer money urgently, and requests for additional payments before supposed investment profits can be withdrawn.
Investment offers should be independently verified, even when they appear to come from familiar companies or people on social media.
The West African operation demonstrates the potential of coordinated action against organized cybercrime and online fraud. However, its lasting impact will depend on whether authorities can prosecute those responsible, disrupt their financial networks, and prevent further losses to victims.
