Binance, the largest cryptocurrency exchange, processed roughly $346 million from Bitzlato, a defunct digital asset exchange.
Binance's spokesman answered. They said the transaction had greatly assisted worldwide law enforcement. Binance can help with Bitzlato.
The largest cryptocurrency exchange in the world, Binance, was discovered processing almost $346 million from the shut down digital asset exchange, Bitzlato. The transactions, according to sources, took place using Bitcoin. Anatoly Legkodymov, the founder of Bitzlato, was detained by US authorities on suspicion of running a money-laundering operation.
According to a research, between May 2018 and September 2022, Binance was one of the top three counterparties on the Bitzlato that received bitcoin. The Financial Crimes Enforcement Network of the U.S. Treasury provided this information (FinCEN).
Another user that engaged with Bitzlato, according to the statement, was the Russian darknet drug market Hydra. A minor cryptocurrency exchange named LocalBitcoins and an investment website called Finiko have been identified as two additional significant users.
According to Reuters, Binance's spokesperson has responded to the situation. They claimed that the trade had significantly aided global law enforcement. Binance is ready to assist with the Bitzlato inquiry.
The spokesman further stated that they are dedicated to cooperating on the issue. They choose not to share specifics about their business dealings with Bitzlato nevertheless. Bitzlato and Hydra, according to Reuters, haven't responded to the situation yet.
The report also states that there is no proof that Binance or other users violated any laws.
