US authorities accuse Binance of laundering $700,000,000

The largest cryptocurrency exchange in the world, Binance, has been accused of laundering money received from Bitzlato. Changpeng Zhao's company acted as a counterparty in a case against the little-known Bitzlato exchange, according to the Finance Ministry's Financial Crime Enforcement Network.

A division of the Ministry of Finance noted that Binance was among the top three recipients and senders of funds that were associated with Bitzlato.

According to their report, about two-thirds of the recipients and senders of the obscure exchange are connected to the dark web or a scam.

In addition to Binance, the Finiko, VASP, Hydra and TheFiniko companies, as well as Local Bitcoins, were apparently involved in the case. A spokesperson for Binance, who requested anonymity, said the company would be happy to work with international partners and law enforcement to ensure the ongoing investigation is successful.

Thus, the main cryptocurrency company wants to show its commitment to working with regulators around the world and make an attempt to win them over.

While others involved in the scam declined to comment, the Treasury Department's Financial Crime Enforcement Network named Bitzlato as a prime money laundering enterprise. The regulator banned all companies from conducting transactions with the participation of this exchange.

According to them, Bitzlato was seen not only in the receipt of income through ransomware, but also in transactions related to counterparties that appeared in other similar dark cases. It is noteworthy that Anatoly Legkodymov, the founder of this company, was arrested yesterday in Miami, USA.