Binance Processed Nearly $346M of Bitcoin Trades for Crypto Exchange Bitzlato: Reuters

Business

Binance processed $345.8 million worth of bitcoin transactions for crypto exchange Bitzlato, Reuters reported Tuesday, citing data by blockchain research firm Chainalysis.

The world's largest crypto exchange by trade volume, Binance, according to the story, did 205,000 transactions with Bitzlato between May 2018 and its closure last week after the U.S. Department of Justice (DOJ) 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 clients in order to fight financial crime.

Binance last week was named as one of Bitzlato's top 3 counterparties by the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN).

Neither Binance nor Chainalsysis immediately responded to CoinDesk's request for comment.

Read more: Crypto Exchange Bitzlato Converted Over $1B in Crime-Linked Assets, Europol Says







Related news

Business
Feb. 09, 2023

Crypto Protection Firm Coincover Raises $30M

Coincover, a provider of protection and insurance for digital assets, has raised $30 million in a funding round that will go toward hiring, product updates and pursuing partnerships. The round was led by Silicon Valley investment firm Foundation ...