• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Meta Unveils Next-Gen AI Tools and Digital Companions for the Metaverse

2023-09-28

What Is Toncoin (TON)? Everything You Need To Know

2023-09-28

Valentino Rossi Steps into The Sandbox with ValeVerse

2023-09-27
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Meta Unveils Next-Gen AI Tools and Digital Companions for the Metaverse

    2023-09-28

    Valentino Rossi Steps into The Sandbox with ValeVerse

    2023-09-27

    Opportunities for Artists and Creators at Decentraland Music Festival 2023

    2023-09-26

    Hitachi Leverages Metaverse and VR for Next-Generation Workforce Training

    2023-09-25

    Upland and KABOOM! Unite to Address Playspace Inequity

    2023-09-22
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Ripple files motion to block SEC appeal attempt

    2023-09-04

    JP Morgan believes SEC will be forced to approve ETFs after losing case against Grayscale

    2023-09-03

    Ripple Files Motion To Oppose SEC Appeal Over Landmark XRP Ruling

    2023-09-03

    U.S. SEC Punts on Bitcoin (BTC) Spot Exchange-Traded Fund Approvals, Delays Decisions Until October

    2023-09-02

    Navigating the significance of legal opinions in the crypto sphere

    2023-09-02
  • Learn

    What Is Toncoin (TON)? Everything You Need To Know

    2023-09-28

    What is NBA Top Shot? A Beginner’s Guide

    2023-09-22

    What Are Bridges in Crypto? Cross-Chain Bridges, Explained – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-21

    SingularityNET (AGIX) Price Prediction 2023 2024 2025

    2023-09-18

    What Are Altcoins? Best Altcoins to Buy  – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-08
  • Market Cap
CryptoNewsMetaverse
Home»Bitcoin»Binance Handled $346M In Bitcoin Transactions For Russian Exchange Bitzlato: Reuters
Bitcoin

Binance Handled $346M In Bitcoin Transactions For Russian Exchange Bitzlato: Reuters

2023-01-24No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Summary:

  • Binance processed 205,000 transactions between May 2018 and January 2023, per a Chainlysis report from Tuesday.
  • The leading crypto exchange also reportedly facilitated $90 million in BTC trading volume for Bitzlato post-August 2021, after announcing plans to beef up anti-money laundering checks.
  • Bitzlato is under investigation by the U.S. Justice Department and its Founder Anatoly Legkodymov was charged with money laundering.

On-chain security firm Chainlysis reported on Tuesday that Binance facilitated over $345.8 million in Bitcoin trading volume for investigated Russian crypto exchange Bitzlato. Bitzlato was accused of money laundering by the U.S. Department of Justice and its Founder Anatoly Legkodymov was arrested on money laundering charges. 

Bitzlato fell under scrutiny for allegedly handing $700 million in illegal wealth in an operation that prosecutors said: “fueled a high-tech axis of crypto crime”. The platform was accused of adopting lax background checks and acting as a primary money laundering front connected to Russian crime organizations. 

According to the Reuters report on the matter, Binance was responsible for some 205,000 digital asset transactions between May 2018 and mid-January 2023 when American authorities cracked down on Bitzlato. 

The U.S Treasury’s Financial Crimes Enforcement Network (FinCEN) also named Changpeng Zhao’s crypto exchange was one of three major counterparties for the Russian platform. 

Furthermore, the report said that $90 million of BTC transactions were processed after August 2021. Notably, Binance unveiled plans to implement tight anti-money laundering (AML) checks and improved Know-Your-Customer (KYC) standards in the same month. 

Binance Handled $346M In Bitcoin Transactions For Russian Exchange Bitzlato: Reuters 9
BTC/USDT by TradingView

Binance Confirms Error Involving B-Tokens And Customer Asset Storage

A Bloomberg report said that crypto’s largest centralized exchange erroneously stored customer funds and token collateral in the same wallet. The leading exchange kept collateral for tokens issued on its Binance Smart Chain or BNB Chain network and user assets in a “single wallet called Binance 8”.

It’s unclear when CZ’s company spotted the issue but the juggernaut crypto platform is already working to resolve the matter, per the report. 

Binance 8 is an exchange cold wallet. Collateral assets have previously been moved into this wallet in error and referenced accordingly on the B-Token Proof of Collateral page. Binance is aware of this mistake and is in the process of transferring these assets to dedicated collateral wallets.

Source link

346M Binance Bitcoin Bitzlato Exchange Handled Reuters Russian transactions
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

U.S. SEC Punts on Bitcoin (BTC) Spot Exchange-Traded Fund Approvals, Delays Decisions Until October

2023-09-02

Ex-SEC chair Jay Clayton says approval for a spot Bitcoin ETF is ‘inevitable’

2023-09-01

Approval of a Spot Bitcoin ETF in the US Is Inevitable, Says Former SEC Chair Jay Clayton

2023-09-01

SEC Files ‘Secret’ Sealed Motion in Court Battle Against Top Crypto Exchange Binance

2023-08-31
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Bitcoin (BTC) Shoots 7% Back Above $41,000, Terra’s LUNA Leads Altcoin Rally

2022-03-09

UK proposes legislation amendments to regulate stablecoin issuers

2022-05-31

Kazakh officials seize 360 illegal Bitcoin ASICs amid push for higher mining tax

2022-02-24

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Meta Unveils Next-Gen AI Tools and Digital Companions for the Metaverse

2023-09-28

What Is Toncoin (TON)? Everything You Need To Know

2023-09-28

Valentino Rossi Steps into The Sandbox with ValeVerse

2023-09-27
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$26,931.00-0.61%
  • ethereumEthereum(ETH)$1,665.650.57%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.05%
  • binancecoinBNB(BNB)$215.600.21%
  • rippleXRP(XRP)$0.534.80%
  • usd-coinUSDC(USDC)$1.000.00%
  • Lido Staked EtherLido Staked Ether(STETH)$1,666.460.69%
  • dogecoinDogecoin(DOGE)$0.0619690.94%
  • cardanoCardano(ADA)$0.2493980.25%