Summary :

Authorities in the UK, US, and Canada froze more than $12 million tied to crypto scam proceeds
The joint crackdown, called Operation Atlantic, targeted approval phishing and investment fraud schemes
Investigators identified over 20,000 victims across the three countries
More than $45 million in suspected crypto fraud proceeds was traced globally
Binance assisted investigators with scam intelligence and live account screening

Authorities across the United Kingdom, United States, and Canada have frozen more than $12 million linked to crypto scam operations in a coordinated international crackdown known as Operation Atlantic. The enforcement effort took place in March and focused primarily on phishing-based crypto fraud schemes. It was led by the UK's National Crime Agency and carried out in partnership with the U.S. Secret Service, the Ontario Provincial Police, and the Ontario Securities Commission. According to the NCA, the operation identified more than 20,000 victims across the three countries.

"More than $12 million has been frozen and 20,000 victims identified in an NCA-led international operation targeting cryptocurrency and investment scammers" Source

Investigators said the frozen funds represent suspected criminal proceeds tied to fraud schemes targeting retail crypto users. Authorities also noted that while $12 million has been secured so far, more than $45 million in suspected stolen crypto connected to these schemes has been identified globally. That gap suggests investigators are still tracing additional funds and that asset recovery efforts may continue beyond the initial operation.

Approval Phishing Remains One of Crypto's Most Effective Scams

A major focus of Operation Atlantic was so-called approval phishing, a scam method that has quietly become one of the most damaging threats in crypto. Unlike traditional scams where victims directly send funds to an attacker, approval phishing works differently. Victims are tricked into signing a transaction or wallet permission that grants the scammer access to spend certain tokens from the wallet. Once approved, the attacker can drain those assets without requiring further confirmation. That makes the scam harder for users to recognize in the moment. Many victims believe they are connecting to a legitimate app, verifying their wallet, or completing a routine transaction. In reality, they are authorizing the attacker to control their funds.

Binance, which assisted with the operation, said this type of scam has become one of the most harmful forms of wallet exploitation in the industry.

"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 rise of approval phishing reflects a broader shift in crypto fraud. Many attackers now rely on manipulating wallet permissions, exploiting the fact that many users do not fully understand what they are signing.

Binance Assisted With Live Investigations and Asset Tracing

The operation also included direct involvement from private-sector partners. Binance said its Special Investigations team supported law enforcement during on-site work at the NCA's London headquarters. According to the exchange, that support included live account screening, scam intelligence, and analysis of suspicious transaction flows. The company also said it provided intelligence on possible bad actors and helped identify scam websites that were still actively targeting users during the investigation. That kind of cooperation has become increasingly common in large crypto investigations, particularly when tracing stolen funds across multiple exchanges, chains, and jurisdictions. Because crypto transactions move quickly and often cross borders within minutes, coordination between regulators, law enforcement, and platforms is often necessary to freeze funds before they can be fully laundered.

A Sign of More Aggressive Enforcement Ahead

In earlier years, many scam operations benefited from fragmented oversight and slow cross-border cooperation. That appears to be changing. By combining intelligence, tracing tools, and exchange-level cooperation, agencies are increasingly able to identify scam infrastructure and freeze funds before they disappear entirely. Still, the numbers also show the scale of the challenge. More than 20,000 identified victims and over $45 million in linked fraud proceeds suggest that approval phishing remains a major threat despite growing awareness.

For users, the case is another reminder that signing a transaction can be just as risky as sending funds directly. Operation Atlantic sends a clear signal that crypto scam enforcement is becoming more international, more coordinated, and more technically capable.