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British investors report £36m of Binance crypto frauds

Binance is facing a hardening stance from regulators across the globe amid investor protection concerns

Cristiano Ronaldo has been among those backing Binance, but new figures raise fraud worries again
Cristiano Ronaldo has been among those backing Binance, but new figures raise fraud worries again Photo: Getty Images

Scammers conned British investors out of £36m of Binance’s cryptocurrency last year, according to figures released by City of London Police.

The figure represents more than a sixth of crypto frauds reported to Action Fraud, the UK’s national centre for cyber offences, which totalled £204m in 2021, nearly double the figure in 2020.

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