Dutch media outlet NOS reported that Binance assisted Dutch authorities in an investigation that led to the seizure of assets worth millions of euros and the arrest of a 26-year-old man on suspicion of online fraud.
Grab luxury cars and cryptocurrencies
Dutch authorities, along with the Tax Investigation and Financial Information Service (FIOD), seized assets totaling €11.4 million, 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 is proud to support the Dutch authorities in the investigation of a gambling exit scam,” Binance stated on the
#Binance We are proud to support the Dutch authorities in their investigation into a gambling exit scam. Our investigations team has helped recover millions of Euros. Find out more in this article from Dutch national news outlet NOS 👇https://t.co/61jqNcCrzN
— Binance (@binance) May 3, 2024
The perpetrator is suspected of being involved in the online platform for cash deposits. feud Mentioned ZKasino promised investors profitable returns within 30 days. The scale of the alleged fraud is massive, with over $30 million allegedly transferred to ZKasino globally.
The investigation, based on information sourced from various channels, including Binance, was initiated after concerns were raised about ZKasino's operations. The collaboration between FIOD and a division of Binance has proven instrumental in securing millions of euros in crypto assets. However, the possibility of recovering all the money is still uncertain.
Seek remedies for victims
While FIOD hopes for compensation, it stressed the need for cooperation from those involved in the scam and urged victims seeking to recover lost investments to approach the authorities.
Last year, Binance helped Thai law enforcement agencies tackle major cryptocurrency-related scams plaguing the region. Working closely with the Royal Thai Police Cybercrime Investigation Bureau, the Binance Investigations team helped dismantle criminal networks such as the infamous “pig slaughter” scheme that affected thousands of victims in Thailand.
#Binance Royal Thai Police assists in crackdown on criminal networks | @binance Blog https://t.co/GzMGjTlzmI
— Czechoslovakia 🔶 BNB (@cz_binance) October 3, 2023
As a result of this cooperation, five key members of a criminal group were arrested, and assets totaling approximately 10 billion Thai baht (about $277 million) were confiscated. These assets include luxury cars, homes, and land. Furthermore, more than 3,200 victims have come forward to claim compensation for their losses.
In addition to the successful crackdown on the “pig slaughter” scam, Binance played a critical role in disrupting another large-scale cryptocurrency scam involving a vast network of transnational criminal entities. The operation led to arrests at 30 locations and the seizure of illicit assets, including luxury residences, vehicles and cash.
This article was written by Jared Kirroy at www.financemagnates.com.