The role of Binance Exchange in the arrest of a suspect linked to the rug pull of ZKasino, a crypto-based online gambling platform.
Binance Helped Recover Millions In Euros
Binance revealed that the efforts of its investigation team played a role in the recovery of €11.4 million in assets. These assets include luxury cars and digital currencies.
ZKasino thrived for a short while as an outfit with promises to displace major betting ventures. However, users who tried to use the service were able to transfer their funds in but were unable to get them out. In the bust of the arrested suspect, the Dutch regulator, the Fiscal Information and Investigation Service of the Netherlands (FIOD) said it got scoops about ZKasino on X.
The FIOD then coordinated with a branch of Binance to secure the funds. With the report, it remains unclear whether all of the users’ funds have been recovered. However, defrauded investors or users of the platform can recover part of their funds if they make contact with FIOD.
Binance Exchange has a rich history of helping regulators crack down on fraudsters operating in the industry. In April 2022, Binance said it helped regulators recover $5.8 million in crypto linked to the exploited Ronin Bridge. For this fund recovery and crime-fighting role, the trading platform is extending its leadership capabilities.
Binance Making Up For Own-Woes
Binance is helping regulators in part as a means to help make up for its internal challenges with authorities. The exchange is currently at a regulatory impasse in Nigeria where 2 of its executives are under trial for tax evasion.
One of the executives, Nadeem Anjarwalla notably escaped custody in Abuja and fled to Kenya. As it stands, the INTERPOL has confirmed the plans to extradite him to Nigeria have been finalized.
