LONDON : Crypto giant Binance processed almost $346 million in bitcoin for the Bitzlato digital currency exchange, whose founder was arrested by U.S. authorities last week for allegedly running a"money laundering engine," blockchain data seen by Reuters show.
Binance was the only major crypto exchange among Bitzlato's top counterparties, FinCEN said. It said the others to transact with Bitzlato were the Russian-language darknet drugs marketplace Hydra, a small exchange called LocalBitcoins and a crypto investment website called Finiko, which it described as"an alleged crypto Ponzi scheme based in Russia." FinCEN did not detail the scale of the entities' interactions with Bitzlato.
Bitzlato, whose website says it has been seized by French authorities, could not be reached by Reuters. Legkodymov, has not made any public comment since his arrest in Miami last week and did not respond to emailed requests for comment. However, one former U.S. banking regulator and one former law enforcement official said Binance's status as one of the top counterparties would focus Justice Department and U.S. Treasury attention on Binance's compliance checks with Bitzlato.
About $90 million of the total transfers took place after August 2021, when Binance said it would require users to submit identification to combat financial crime, according to the data from Chainalysis, which declined to comment. Such checks, Binance said in a blog last year, tackle"the funding and laundering of money from illicit activities." Reuters could not determine whether Binance enforced its ID requirements with Bitzlato.Chainalysis, which is used by U.S.
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