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

Luxury Cars and Cryptocurrency Seized

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

The cryptocurrency exchange 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 euros."

#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 euros.

Find out more in this article from the national Dutch news outlet, NOS 👇https://t.co/61jqNcCrzN

— Binance (@binance) May 3, 2024

The suspect is suspected of being involves in an online platform for monetary deposits. ZKasino promised investors lucrative returns within 30 days, Fiscal Information and Investigation Service mentioned. The scale of the alleged fraud is massive, with over $30 million allegedly 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 the cryptocurrency exchange Binance proved useful in securing millions of euros in crypto assets. However, the possibility of recovering all funds remains uncertain.

Seeking Recourse for Victims

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

Expect ongoing updates as this story evolves.