In a joint effort with Dutch authorities, Binance, one of the world’s leading cryptocurrency exchanges, aided in the investigation that exposed a suspected online fraud scheme, resulting in the seizure of assets worth millions of euros and the arrest of a 26-year-old individual. The probe, which targeted an online platform known as ZKasino, uncovered a multi-million euro scam promising investors lucrative returns within a short timeframe.
The Fiscal Information and Investigation Service (FIOD), in collaboration with Dutch law enforcement agencies, confiscated assets totaling €11.4 million, including luxury cars and cryptocurrency holdings linked to the fraudulent activities orchestrated through ZKasino. The investigation, initiated following concerns raised about the platform’s operations, revealed the scale of the alleged fraud, with over $30 million reportedly funneled into ZKasino globally.
Binance’s involvement proved instrumental in facilitating the investigation, with the exchange’s Investigations team providing crucial support in recovering millions of euros in crypto assets. Binance expressed pride in its collaboration with Dutch authorities, underscoring its commitment to combatting fraudulent activities within the cryptocurrency space.
While efforts are underway to seek restitution for victims affected by the scam, the FIOD emphasized the importance of cooperation from all parties involved and urged affected individuals to engage with authorities to reclaim lost investments.
This isn’t the first instance of Binance’s collaboration with law enforcement agencies to combat cryptocurrency-related scams. Last year, the exchange assisted Thai authorities in dismantling criminal networks involved in significant scams, resulting in the arrest of key members and the seizure of illicit assets worth billions of Thai baht. Binance’s proactive approach in identifying and disrupting fraudulent activities underscores its dedication to promoting integrity and security within the crypto ecosystem.