According to Binance Blog, Binance's Financial Crime Compliance and Investigations team worked with the Netherlands Fiscal Information and Investigation Service (FIOD) to freeze millions of euros tied to a major gambling platform exit scam.
On April 29, FIOD arrested an individual suspected of fraud, embezzlement, and money laundering in connection with the ZKasino platform. The alleged gambling platform promised investors a return within 30 days but used a smart contract setup that made these returns impossible.
Binance's anti-money laundering detection tools and analytics capabilities helped identify suspicious activities, allowing investigators to trace the suspect, who was also a Binance account holder. With information gathered from open sources and blockchain analytics, Binance provided law enforcement with crucial data and froze the stolen funds.
This collaboration underscores Binance's commitment to bolstering Web3 security. In 2023 alone, Binance responded to over 58,000 law enforcement requests and held 120 training sessions globally.
FIOD noted that further arrests may follow.