Binance Processed $346M of Bitcoin Trades for Crypto Exchange Bitzlato: Reuters
Bitzlato was shuttered last week and its founder arrested in Miami after the Justice Department charged the platform with money laundering.
Jan 24, 2023 at 12:54 p.m. UTCBinance, the world's largest crypto exchange by trading volume, processed $345.8 million worth of bitcoin (BTC) transactions for crypto exchange Bitzlato, Reuters reported Tuesday, citing data by blockchain research firm Chainalysis.
According to Reuters, Binance processed 205,000 transactions in behalf of Bitzlato between May 2018 and last week, when Bizlato shut down after the U.S. Department of Justice charged it and its founder with money laundering.
About $90 million worth of bitcoin transfers were carried out after August 2021, according to the report, which was when Binance said it would start demanding stricter background checks from customers in order to fight financial crime.
Binance was named as one of Bitzlato's top three counterparties by the U.S. Treasury's Financial Crimes Enforcement Network.
Neither Binance nor Chainalysis immediately responded to requests for comment.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/008ae87f-5c6e-412b-816b-ded600ac5054.png)
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.