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Binance, Coinbase Join West Africa Scam Sweep, $11M Flagged

admin by admin
10/20/2026
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Binance, Coinbase Join West Africa Scam Sweep, $11M Flagged
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Authorities in Ghana and Nigeria arrested 28 people in a crackdown on West African scam networks that included crypto investment fraud, the U.S. Department of Justice said. The operation also flagged more than $11 million in funds that could be frozen, though that figure is not confirmed recoveries.

What the sweep found

The U.K.’s National Crime Agency hosted the joint action, bringing tech firms and law enforcement together to target networks aimed at people in the U.S., U.K. and other countries. The DOJ called it the first such joint operation focused on West Africa. In Ghana, police arrested 19 people in Sasaabi, near Accra, and seized 303 electronic devices. Nigerian authorities arrested nine more.

Officials also identified 117 trafficking victims in Ghana who were awaiting repatriation to Nigeria, the NCA said. Private companies involved in the sweep flagged more than $11 million in funds for a possible freeze. Partners reported cryptocurrency seizures too, but they did not disclose the value or which assets were taken. That gap matters: flagged funds are not the same as money recovered.

Crypto firms and analytics teams take part

Coinbase and Binance joined blockchain analytics firms Chainalysis, Elliptic and TRM Labs. Coinbase said it helped trace illicit funds, support asset freezes and give investigators information. It identified more than 65 active scam victims and prevented more than $415,000 in potential losses. TRM Labs said it exposed a large peer-to-peer laundering network.

Meta said it removed more than 3.7 million Facebook and Instagram accounts, pages and groups. Most appeared to target Americans and Britons through impersonation, according to the company. Participants also gave law enforcement leads on more than 30 suspected scam centers.

Why the mixed numbers matter

The $11 million figure may sound like a clean result, but it is a marker of suspicious funds, not proof that victims got money back. The operation did produce arrests, device seizures and account removals. It also showed how exchanges, analytics companies and social platforms are being pulled into cross-border cases.

I think the useful test now is follow-through. Can authorities turn flagged funds into freezes? Can they identify victims beyond the 65 Coinbase cited? And can the leads on suspected centers hold up under investigation? The sweep is a start, not a final tally.

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