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Binance joined a cross-border fraud operation led by the UK National Crime Agency as authorities targeted approval phishing and crypto investment scams across three countries.
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More than 20,000 victims were identified before Operation Atlantic wrapped, making victim protection the clearest result of the week-long push. The operation was co-hosted by the UK National Crime Agency, US Secret Service, Ontario Provincial Police and Ontario Securities Commission, with Binance joining as a private-sector partner.
Binance placed its Special Investigations team at NCA headquarters in London, where staff handled live account screening and scam intelligence during the operation. The company said its team helped identify victims in real time, supported law enforcement outreach, flagged suspected bad actors and found scam websites that were still active.
At the centre of the case were approval phishing scams. In those schemes, criminals trick people into granting wallet access while posing as investment operators. Once permission is given, funds can be drained.
The money frozen in the operation was held outside Binance. Binance said no funds were seized or frozen from Binance accounts, even though it provided investigative support tied to asset seizure efforts.
“Operation Atlantic is a powerful example of what is possible when international agencies and private industry work side by side,” said NCA Deputy Director of Investigations Miles Bonfield. “This intensive action has led to the safeguarding of thousands of victims in the UK and overseas, stopped criminals in their tracks and helped save others from losing their funds. “We know that fraudsters operate globally and, together with our international partners, so will the NCA to target them wherever they are based.”
“Approval phishing is one of the most damaging types of scams targeting crypto users today, and Operation Atlantic underscores how effective crime fighting is possible when private and public partners move together to stop fraud at the source,” said Binance Senior Regional Advisor for EMEA Flavio Tonon. “The inherent transparency of the blockchain makes it difficult for criminals to hide for long while exploiting victims. We are proud to have played a meaningful role in protecting thousands of potential victims.”