Binance dismantles $45M scam ring with Interpol, Afripol in operation Red Card 2.0

Binance, in collaboration with Interpol and Afripol, successfully completed Operation Red Card 2.0. The coordinated operation with Interpol, Afripol, and other local authorities led to 651 arrests and the recovery of $4.3 million from scam rings credited with over $45 million in losses.

The latest operation comes as Binance remains locked in a public disagreement with the Wall Street Journal (WSJ), demanding in a letter the retraction of an article containing “inaccurate and defamatory” claims.

Binance’s collaboration with law enforcement

Binance is currently receiving praise from international law enforcement for its role in a multi-million dollar takedown of cybercrime syndicates in Africa.

Between December 8, 2025, and January 30, 2026, law enforcement agencies from 16 African countries, including Nigeria, Kenya, Côte d’Ivoire, and South Africa, joined forces with Interpol and Afripol for Operation Red Card 2.0, a massive initiative targeting the infrastructure behind high-yield investment scams, mobile money fraud, and predatory loan applications.

The eight-week operation resulted in 651 suspects being arrested across the continent. 1,247 victims were identified, with total losses exceeding $45 million. 1,442 malicious IP addresses, domains, and servers were dismantled, and 2,341 devices were seized to provide evidence for future trials.

Binance provided technical assistance and intelligence that helped investigators track the flow of stolen digital assets.

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In Nigeria, it used industry-leading blockchain analytics to help Interpol identify the digital trails left behind by scammers. In many cases, criminals used mobile money platforms as a gateway to digital assets.

Binance’s investigators were able to trace these transfers to centralized hubs, such as a residential property in the country that served as a command center for a phishing ring. This collaboration allowed the recovery of $4.3 million in direct cash and assets.

In Kenya, police arrested 27 suspects linked to fake dashboards that tricked users into thinking they were investing in global companies while their funds were being siphoned.

Binance tackles WSJ

A Wall Street Journal article titled “Binance Fired Staff Who Flagged $1 Billion Moving to Sanctioned Iran Entities,” claimed that Binance executives fired individuals who discovered transfers of up to $1.7 billion to Iranian entities with links to terrorism.

Binance CEO Richard Teng quickly fired back on social media, calling the report inaccurate and defamatory. The company’s legal team also reportedly sent a formal letter to WSJ, stating that the reporters ignored the 19 detailed points of correction they were given before publication.

Binance has so far denied firing anyone for reporting suspicious activity and clarified that internal reviews revealed violations of data protection and confidentiality guidelines by the individuals in question.

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Binance pointed out that it reduced its direct exposure to major Iranian exchanges by 97.3% between January 2024 and January 2026, bringing the volume down from $4.19 million to just $110,000.

As of early 2026, Binance claims its compliance team has grown to 1,500 people, representing roughly 25% of its total global headcount. According to their February 2026 reports, the exchange processed over 71,000 law enforcement requests in the previous year and assisted in seizing $131 million in illicit funds globally.

Public enforcers rely on private sector help

According to the Global Cybersecurity Outlook 2026, many organizations are falling below the “security poverty line.”

Private sector entities like Binance can afford to spend hundreds of millions on compliance, but 37% of NGOs and 23% of public-sector organizations report that they lack the skills and resources to defend themselves.

This creates a systemic risk, especially in regions like sub-Saharan Africa, which remain high-risk zones for transnational crime. The Common Good Cyber Fund, which is backed by G7 leaders, was recently launched by a coalition of nonprofits and the Internet Society with the aim of providing funding by pooling resources from governments and the private sector.

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