Binance was final destination for millions in funds from Bitzlato, exchange shut down for alleged money laundering
Publishing timestamp: 2023-01-19 21:06:52
Summary
Data from Arkham Intelligence shows that tens of millions of dollars flowed from alleged nexus of money laundering, Bitzlato, through intermediate wallets to Binance, world's largest crypto exchange. Federal prosecutors have unsealed an indictment against Bitzlato, alleging that it facilitated laundering of $700 million in tainted crypto. Blockchain data shows that tens of millions of dollars that passed through Bitzlato ultimately ended up in Binance deposit wallets, raising questions about efficacy of Binance's anti-money laundering practices. Binance is reportedly under its own criminal probe by the Department of Justice in relation to its compliance with anti-money laundering laws.
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Keywords: business news, cryptocurrency exchanges, investment strategy, cryptocurrency, technology, coinbase global inc, tether/usd coin metrics, fintech,