When the US Department of Justice shut down the crypto exchange Bitzlato, one event that failed to make it to the mainstream media was Binance’s involvement in the event.
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Binance Goodwill Boosts After Helping US DOJ in Bringing Down Bitzlato Exchange
Binance, the world’s largest cryptocurrency exchange is said to have played a key role in the apprehension of the Russian owner of the crypto Bitzlato exchange, an exchange recently shut down by US prosecutors.
A few days ago, the US Justice Department announced the shutdown of a crypto exchange Bitzlato and also arrested the Russian owner for laundering $700 million.
As per a write-up by the Financial Crimes Enforcement Network of the Department of the Treasury (Fincen), Binance was the top receiving counterparty by the total amount of BTC from the Bitzalo exchange between 2018 and 2022, causing serious pressure on Binance to reveal the steps it had been taking to help the DOJ, Fincen added that about two thirds of Bitzlato too receiving and sending counterparties are linked to scams or darkent markets.
“Binance provided substantial assistance to international law enforcement partners in support of this investigation. This exemplifies Binance’s commitment to working collaboratively with law enforcement partners worldwide,” a Binance spokesperson said, while speaking to Bloomberg.
Binance has however been confirmed to be under investigation by the US Justice Department, this was confirmed after the above-mentioned agency sent a subpoena to US investors that it is investigating money laundering rules at Binance, which is why it didn’t come as a surprise to the community why Binance is making moves to beautify its image in the face of prosecutors.
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