Binance reportedly processed $346 million for busted crypto exchange Bitzlato.
The Hong Kong-registered Bitzlato, better known to Russian-speaking users, was a “primary money laundering concern” related to Russian illicit finance, according to FinCEN. The bureau did not reveal details about the scale of said platforms’ transactions with Bitzlato but said it will ban financial institutions from transferring funds to the exchange without specifying the entities it was referring to.
According to data compiled by the blockchain forensics firm Chainalysis and seen by Reuters, Binance moved over 20,000for Bitzlato, worth $345.8 million at the time the transactions took place, between May 2018 and its shutdown. Bitcoin for about $175 million was transferred to Binance from Bitzlato during the period, making Binance its largest receiving counterparty, the report also noted.
The Finland-based Localbitcoins said it has never had “any kind of cooperation or relationship” with Bitzlato while admitting that some P2P traders at its platform “would also have been trading in Bitzlato’s P2P market” but pointing out that there have been no transactions between the two exchanges since October, 2022.
Reuters remarked it has no evidence that the Binance, Localbitcoins or Finiko transactions with Bitzlato broke any laws or regulations. It was also unable to establish if Binance’s dealings with Bitzlato are currently being reviewed. At the same time, the U.S.-led action against Bitzlato comes as the Justice Department probes Binance for possible money laundering and violations of sanctions.
A number of European countries are also involved in the investigation against Bitzlato. Last week’s announcement revealed that French law enforcement authorities have dismantled the platform’s digital infrastructure in the country and seized its website. On Monday, EuropolTags in this story
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