Binance named as counterparty in order against Bitzlato by CoinEdition


Binance is named as the counterparty in an order against Bitzlato
  • Binance has been named the primary counterparty to digital asset platform Bitzlato.
  • The Bitzlato founder was arrested on Tuesday for a $700 million money laundering scheme.
  • The Hong Kong-based company is alleged to be facilitating transactions to grow dark net markets in Russia.

In a recent update, Binance Holdings Ltd. as the main counterparty to Bitzlato, a digital asset platform accused of laundering $700 million.

According to an order issued by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), Binance has been identified as one of the three counterparties. According to the order, “nearly two-thirds of the top counterparties sending and receiving Bitzlato are related to darknet markets or scams. For example, the top three Bitzlato recipients, by total amount of BTC received between May 2018 and September 2022, were: (1 ) Binance, VASP; (2) Russia-connected darknet marketplace Hydra; and (3) alleged Russia-based TheFiniko Ponzi scheme.”

The other three receiving parties are Hydra, Local, and “TheFiniko,” according to the order.

FinCEN also added, “Bitzlato, a P2P CVC exchanger with significant operations in Russia, is a financial institution from…

The Binance post as the counterparty to the order against Bitzlato appeared first in the Coin issue.

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