India Cracks Down on e-Nuggets Scam, Binance Assists: A Major Step for Crypto Regulation (BNB)

• India’s enforcement authority has seized approximately $10.5 million from an online scam app, E-Nuggets, with the assistance of major cryptocurrency exchanges.
• The scam app lured customers with high return promises, posing as a gaming platform, but shut down operations once investments were made.
• Binance, the world’s largest cryptocurrency exchange, is preparing to re-enter the Indian market after agreeing to pay a $2 million fine.

India’s enforcement authority cracks down on a crypto scam, seizing $10.5 million with the help of major exchanges, while Binance prepares to re-enter the Indian market.

India’s Enforcement Authority Busts E-Nuggets Scam

India’s enforcement authority has seized roughly $10.5 million from an online scam app called E-Nuggets. The crackdown involved major cryptocurrency exchanges like Binance, ZebPay, and WazirX, which helped identify and block the crypto wallet accounts linked to the scam. The E-Nuggets app allegedly attracted customers with promises of high returns on investments, posing as a gaming platform. However, once the investments were made, the app shut down operations, effectively trapping the investors’ funds.