【Neo Casino】-Binance Works With India’s ED and Restores Millions

Binance shows its support to local authorities, giving a hand in restoring funds laundered through digital wallets.

It’s never fun to consider the risks associated with playing at an online casino, whether on a fiat or cryptocurrency platform. For some unlucky players at Fiewin Gaming, their biggest fear became a reality when the app defrauded them of millions.

Luckily, India’s Enforcement Directorate (ED) had Binance's support, which helped recover millions of the lost funds.

What’s the case?

Fiewin was a new site marketed as a legitimate platformfor online gambling in India where you could earn funds through games. Many players were attracted to the idea – signing up was quick, and topping up your account was even easier, with various payment optionsto choose from.

The big problem was withdrawals. Many players had noticed their accounts had quite a large cash-out option, but before any withdrawals could be made, the app stopped. The funds were frozen, leading to many victims across India contacting the local authorities and handing the case over to the ED. This law enforcement agency is known to specialise in financial crimes.

Throughout the investigation, it was found that the funds were laundered through digital walletsconnected to a global cryptocurrency exchange. The scam is believed to be part of a cross-border criminal networkthat uses sophisticated methods to hide its origin and the movement of the stolen funds.

The ED has arrested four individualswith ties to Fiewin. The latter is in the middle of a major financial fraud case, as the site is believed to have stolen over $47.6 millionfrom its users.

Binance steps in

In light of the evidence so far, the ED has partnered with Binance, which has been legally operating under its India license since 2024.

The Binance Financial Intelligence Unit (FIU)played a big part in tracing the money trail by analysing the blockchain transactions. This led to the ED tracing the laundered funds across various cryptocurrency wallets.

It’s a vital collaboration that led to the recovery of the funds and exposed the scam’s network. According to an ED representative, these public-private collaborations are essential to tackling financial crimes. The specialised team from Binance has been great in showing how beneficial and effective it can be if the private and public sectors work together to ensure justice is served.

With the operation, 42 digital asset accounts and hundreds of bank accountswere frozen, restoring almost $6 millionof the stolen funds.

What this will mean for the future of India’s gambling regulations remains to be seen, particularly whether they will become more strict and severe.

What’s the next step as a player?

One of the things we’re always trying to prevent and keep awayfrom is scams and fraudsters. This can be quite difficult if you’re an unsuspecting playersigning up with what appears to be a legitimate gaming site.

There is a big concern regarding crypto fraud at casinosnowadays. Factor in the recent events where hackers breached security at Stake Casino and stole $41 million. And now, the Fiewingaming platform is scamming playersout of millions. The waters are muddy, and people are unsurewhere to step.

The important thing is that you need to know what to look for in a safe online platform. If you have doubts, you can check out the list of recommended online casinos here on CasinoWow. We include only verified platforms with a solid reputationdedicated to player protection.

Remember always to gamble responsiblyand play only at trusted sites!