- Dutch court compels Binance to share the scammer’s details, emphasizing crypto fraud accountability.
- Victim’s €186K loss in crypto scam prompts court order for Binance to reveal scammer’s identity.
- Growing regulatory pressure may push crypto exchanges to align privacy with legal responsibilities.
A Dutch court has ordered Binance to turn over personal information regarding the account holder of a major dating app scam. The move comes after a Dutch woman lost almost €186,000 in an elaborate cryptocurrency scheme called pig butchering.
Victim in Crypto Scheme
The incident began when the Dutch woman met the scammer on a dating app. Convinced she was making a genuine crypto investment, she sent €186,000 in six separate transactions. After promising high returns, the scammer vanished with her funds, leaving her unable to recover her investment.
The woman then reported the scam to police and employed a private investigation firm to find out where her funds were. Part of the stolen money was tracked through a Binance account. Binance froze the account but said initially it would not reveal the scammer’s details without a court order.
Court Ruling Favors the Victim’s Right to Justice
Following the woman’s legal petition, the Dutch court ruled that her right to justice took precedence over the scammer’s privacy. Binance is now mandated to provide the scammer’s full name and address within 14 days, giving her the information needed to consider further legal action.
Additionally, the court required Binance to keep the account frozen for four weeks, allowing the victim to explore additional legal steps.
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Rising Expectations for Crypto Platforms in Fraud Cases
The ruling is another blow for crypto platforms who are under the increasing pressure to back up authorities in fraud cases. The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission are stepping up efforts to crack down on crypto scams, focusing particularly on ‘pig butchering’ scams.
Fraudsters build relationships with victims on dating apps or social media and promise them big payback from large investments to trick them into parting with their money. The scammer fishes up the funds and disappears, leaving the victims with nothing.
Balancing Privacy and Legal Compliance
The court’s decision highlights the legal responsibilities that crypto exchanges face when fraud victims seek justice. As regulatory frameworks tighten worldwide, platforms like Binance will likely face increased demands to balance user privacy with cooperation in fraud investigations. This will help to protect users and maintain trust in digital asset markets.
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