According to blockchain data compiled by Chainalysis, Binance processed over 20,000 bitcoin over 205,000 transactions for Bitzlato since 2018. That’s an amount worth $345.8 million at the time the transactions took place, Reuters reported on Tuesday.
The US Treasury’s Financial Crimes Enforcement network previously noted that Binance was the largest bitcoin handler for the shuttered crypto exchange. Additionally, $175 million was directly transferred from Bitzlato to Binance, which also makes Binance the largest receiver of funds from Bitzlato, Reuters said. $90 million of those transfers were said to have occurred after August 2021, the month Binance implemented identity checks as part of its Anti-Money Laundering program.
The Justice Department and Treasury Department claimed that Bitzlato laundered over $700 million tied to illicit Russian finances, leading them to shut down the platform and arrest Bitzlato’s founder, a Russian national that reportedly knew the criminal funds were linked to the platform.
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