Binance Assists Dutch Authorities in Exposing $30M Online Fraud

Binance assisted the Dutch authorities in an investigation that led to the seizure of millions of euros worth of assets and the arrest of a 26-year-old man in suspected online fraud, Dutch media outlet NOS reported.

Luxury Cars and Cryptocurrency Seized

Dutch authorities, alongside the tax investigation
service Fiscal Information and Investigation Service (FIOD), seized assets totaling 11.4 million euros, including a luxury car
and cryptocurrency holdings, in connection with the investigation. The saga involves a multi-million euro scam through an online platform, ZKasino.

Binance mentioned on X: “Binance is
proud to have supported Dutch authorities in the investigation of a gambling
exit scam. Our Investigations team helped lead the recovery of millions of

The culprit is suspected of being involved in the online platform for monetary deposits. FIOD mentioned that ZKasino promised investors lucrative returns within 30 days.
The scale of the alleged fraud is massive, with over $30 million alleged to have been
channeled to ZKasino globally.

The investigation, triggered by information sourced
from various channels, including Binance, commenced following concerns raised
about ZKasino’s operations. Collaboration between the FIOD and a division of Binance proved useful in securing millions of euros
in crypto assets. However, the possibility of recovering all funds remains

Seeking Recourse for Victims

While the FIOD hopes for restitution, it emphasized the need for cooperation from those involved in the scam and urged victims seeking to reclaim lost investments to engage with authorities.

Last year, Binance assisted Thai law enforcement agencies in tackling significant cryptocurrency scams plaguing the region.
Working closely with the Cyber Crime Investigation Bureau of the Royal
Thai Police, Binance’s Investigations team helped dismantle criminal networks
such as the notorious “pig butchering” scheme that affected thousands
of victims in Thailand.

As a result of this collaboration, five key members of
a criminal group were arrested, and assets totaling around Thai baht (THB) 10
billion (approximately $277 million) were seized. These assets include luxury
cars, houses, and land. Moreover, more than 3,200 victims have come forward
seeking compensation for their losses.

In addition to the successful crackdown on the
“pig butchering” scam, Binance played a crucial role in disrupting
another large-scale crypto scam involving a vast network of transnational
criminal entities. This operation led to arrests across 30 locations and the
seizure of illicit assets, including luxury residences, vehicles, and cash.

This article was written by Jared Kirui at

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