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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.