Binance is making significant efforts to combat crypto scams and is reportedly involved in cracking down on a Chinese app operating in India.
Binance claims to have assisted in shutting down a Chinese crypto scam app in India. In August, India’s Enforcement Directorate [PDF] announced the arrest of four individuals who were allegedly helping Chinese nationals operate a fraudulent gaming app called Fiewin—one of the suspects went by the name “Joseph Stalin.”
The app reportedly promised users the chance to win real money, but was instead allegedly used as a front for a money laundering scheme.
How does Binance take action against crypto scams?
The criminals were allegedly operating accounts on Binance, and the cryptocurrency company stated that Indian authorities provided “deep cooperation” in uncovering that “the app was part of a cross-border criminal network.” It appears that the perpetrators “used various methods to conceal the origin and movement of illicit funds through bank accounts and cryptocurrency wallets, creating a complex web of transactions to evade detection and tracking.”
Meanwhile, the Vietnamese government announced that SpaceX intends to invest $1.5 billion in various projects within the country. The government is currently reviewing the investment proposal, which was brought up during a meeting between Vietnamese President To Lam and SpaceX Vice President Tim Hughes. In the past, SpaceX and Vietnam faced challenges regarding regulatory hurdles and investment timelines.
Lam also met with Google Vice President Karan Bhatia to discuss expanding Google’s investments in Vietnam, with a particular focus on artificial intelligence, cybersecurity, and cloud services.
In Singapore, two Invincible-class submarines were launched last week to defend local waters, including submarine communication cables connecting the island to the world. Prime Minister and Finance Minister Lawrence Wong stated that the submarines “will carry out a wide range of operations to safeguard Singapore’s waters, protect maritime lines of communication, and contribute to regional peace and security.”
In other news, it has been reported that between 3,500 and 4,000 Ola Electric scooters are awaiting repairs in one of the company’s over 500 service centers due to a shortage of spare parts and skilled labor. One frustrated scooter owner set fire to one of Ola’s showrooms and was subsequently arrested.
Bhavish Aggarwal, founder and strong advocate of the 70-hour workweek, announced on LinkedIn last Friday that Ola plans to double the number of service centers and train 100,000 additional mechanics by the end of the year.
What are your thoughts on these developments? Feel free to share your opinions in the comments below!
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