Binance aided Dutch authorities in an inquiry that culminated in the confiscation of millions of euros in assets and the detention of a 26-year-old man suspected of online fraud, as reported by the Fiscal Information and Investigation Service (FIOD).
The investigation, conducted jointly by Dutch authorities and the tax investigation service FIOD, resulted in the seizure of assets worth 11.4 million euros, including a luxury car and cryptocurrency holdings.
This operation was linked to a multi-million euro scam perpetrated through the online platform ZKasino.
The suspect allegedly solicited monetary deposits through ZKasino, promising investors significant returns within a 30-day period.
The scale of the purported fraud is substantial, with reports indicating that over $30 million was funneled into ZKasino globally.
The investigation was initiated following concerns raised about ZKasino’s activities, with information from various sources, including Binance, contributing to its commencement.
Collaboration between the FIOD and a division of Binance facilitated the recovery of millions of euros in cryptocurrency assets, although the full restitution of funds remains uncertain.
In the aftermath of the scam, the FIOD stressed the importance of cooperation from both perpetrators and victims, urging those affected to engage with authorities in seeking recourse.
Binance’s involvement in combating cryptocurrency scams extends beyond the Netherlands.
Last year, the platform collaborated with Thai law enforcement agencies to dismantle criminal networks perpetrating significant scams in the region.
This partnership resulted in the arrest of five key members of a criminal group and the seizure of assets valued at approximately $277 million.
Over 3,200 victims have since sought compensation for their losses.
Furthermore, Binance played a pivotal role in disrupting another large-scale crypto scam involving transnational criminal entities.
This operation, spanning 30 locations, led to numerous arrests and the seizure of illicit assets, including luxury residences, vehicles, and cash.