The United States Justice Department has charged the Russian owner of the Bitzlato cryptocurrency exchange with laundering $700 million, officials said in a Wednesday press conference in Washington.

The official added that the Bitzlato exchange, a Hong Kong-based crypto exchange has been shut down after which the founder Anatoly Legkodymov was arrested, this will, however, see Bitzalo deter from engaging in money laundering-related dealings linked to Russia, the official added.

The official further outlined the coordinated enforcement actions, which comprises the Federal Bureau of Investigation, French authorities and the U.S. Treasury Department, saying they disrupted “a busy corner of this criminal ecosystem.”

A US enforcement agency Treasury’s Financial Crimes Enforcement Network (FinCEN) has earlier labeled the exchange with the most serious sanctions in the government’s criminal-fighting arsenal because it usually cuts off a business from the global financial system.

The founder of the exchange Anatoly Legkodymov is from Russia and used to reside in China, he was arrested and arraigned on Wednesday in the U.S. District Court for the Southern District of Florida.

Bitzalo crypto exchange offers peer-to-peer services and controls wallets that are owned by criminals who are known to be buying and selling goods, as per US authorities, in the past years, the exchange has been involved in illicit dealings that are up to $700 million. US agencies also added that Bitzalo exchange is linked to handling shady transactions for actors of ransomware in Russia and those linked to the Russian government.

The company server has been seized as of press time and this move against Bitzalo appears to be the most significant against a crypto criminal network thus far, the official said.

Get life-changing crypto signals from experts with many years of experience in trading cryptocurrency on Binance, Kucoin and Bybit exchanges, excellent reviews from our clients have been our motivation over the years, join our ParadiseFamilyVIP and crypto will be your savior in settling those bills ahead of you.

Use PRO20% for your special 20% discount today as the promo expires soon. Click here to see reviews from our clients.

Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights, and also FREE market updates.

•  My Binance Paradise – https://t.me/MCP_binance
•  My KuCoin Paradise – https://t.me/MCP_KuCoin