What’s hot & new

notification image

A comprehensive guide to European gambling regulations

12 hours ago

notification image

What players can expect from game providers in 2025

18 hours ago

notification image

Sneak a peek: What happens behind the scenes of a casino?

2 days ago

notification image

New game added! See the review of Disco Party here

2 days ago

notification image

Danish gambling market welcomes Wazdan and Hacksaw Gaming

3 days ago

notification image

BETBY will introduce a new AI-driven feed at ICE Barcelona 2025

6 days ago

notification image

"Lionspin Casino is temporarily unavailable to players."

6 days ago

notification image

"ComeOn casino is not accessible through CasinoWow any longer."

7 days ago

notification image

New game added! See the review of Dragon Hopper here

7 days ago

notification image

New Year’s resolutions: Are you failing or thriving in 2025?

7 days ago

Discover loads of curious Gambling Guides!

What’s hot & new

notification image

A comprehensive guide to European gambling regulations

12 hours ago

notification image

What players can expect from game providers in 2025

18 hours ago

notification image

Sneak a peek: What happens behind the scenes of a casino?

2 days ago

notification image

New game added! See the review of Disco Party here

2 days ago

notification image

Danish gambling market welcomes Wazdan and Hacksaw Gaming

3 days ago

notification image

BETBY will introduce a new AI-driven feed at ICE Barcelona 2025

6 days ago

notification image

"Lionspin Casino is temporarily unavailable to players."

6 days ago

notification image

"ComeOn casino is not accessible through CasinoWow any longer."

7 days ago

notification image

New game added! See the review of Dragon Hopper here

7 days ago

notification image

New Year’s resolutions: Are you failing or thriving in 2025?

7 days ago

loader search icon
Popular pages
Our top casino picks for United States of America 🏆
BitStarz Casino logo
Nomini Casino logo
Roobet Casino logo
Hell Spin Casino logo
Empire.io logo
Lucky Ones Casino logo

    Binance works with India’s ED and restores millions

    news thumbnail image

    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 platform for 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 options to 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 wallets connected to a global cryptocurrency exchange. The scam is believed to be part of a cross-border criminal network that uses sophisticated methods to hide its origin and the movement of the stolen funds.

    The ED has arrested four individuals with 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 million from 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 accounts were frozen, restoring almost $6 million of 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 away from is scams and fraudsters. This can be quite difficult if you’re an unsuspecting player signing up with what appears to be a legitimate gaming site.

    There is a big concern regarding crypto fraud at casinos nowadays. Factor in the recent events where hackers breached security at Stake Casino and stole $41 million. And now, the Fiewin gaming platform is scamming players out of millions. The waters are muddy, and people are unsure where 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 reputation dedicated to player protection.

    Remember always to gamble responsibly and play only at trusted sites!

    Leave us a review on Trustpilot!

    Published: October 17, 2024

    Anything incorrect or missing?

    Let us know
    Deni avatar image

    Article by Deni

    CasinoWow Contributor

    Hi, I’m Deni and I am here to ensure you have all the information you need to make informed decisions about online casinos and games and, of course, have fun while doing it. I do so through in-depth research and a keen eye for detail resulting in comprehensive reviews and engaging articles. Let’s explore the iGaming world together!

    Mentioned in this article

    Binance logo
    Binance

    Related content

    NEXT UP IN REGULATIONS

    THE LATEST

    Most popular

    news item
    What players can expect from game providers in 2025
    news item
    Danish gambling market welcomes Wazdan and Hacksaw Gaming
    news item
    BETBY will introduce a new AI-driven feed at ICE Barcelona 2025
    news item
    GamCare’s helpline supports over 55,000 contacts as demand rises by 25%
    news item
    Evolution gaming license under investigation
    banner image

    Popular

    Special Guides

    Features

    CasinoWow

    banner image

    Mentioned in this article

    Binance logo
    Binance

    Related content

    NEXT UP IN PLAY SAFE

    THE LATEST

    compass icon

    Guides

    Online gambling guides
    press icon

    News

    Latest gambling stories
    questionmark icon

    Help

    Online gambling FAQs

    CasinoWow © 2025

    CasinoWow.com Cookies

    We use 🍪 cookies to improve your user experience. By continuing to use this site, you are agreeing to our use of cookies as described in our Cookie Policy.

    Accept
    subscribe icon

    SUBSCRIBE for EXCLUSIVE offers!

    Be the first to get exclusive bonuses and WOW casino promotions! Get access to our new online casinos, top stories and special iGaming events for FREE.

    follow us icon

    Share this page across social platforms!

    facebook share icon Facebook
    x share icon Twitter
    instagram icon Instagram
    linkedin share icon Linkedin