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Binance was final destination for millions in funds from Bitzlato, exchange shut down for alleged money laundering



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Binance is the world’s largest crypto exchange, handling billions of dollars in trading volumes on a daily basis.STR | NurPhoto via Getty ImagesFederal prosecutors unsealed an indictment against a little-known crypto exchange called Bitzlato on Wednesday, alleging that it facilitated the laundering of $700 million in tainted crypto tied to the now-shuttered dark-web market Hydra, and millions more in ransomware proceeds.Blockchain data shows that tens of millions of dollars that passed through Bitzlato ultimately ended up in Binance deposit wallets, despite the stringent anti-money laundering standards that Binance says it has implemented.Binance, the largest crypto exchange in the world, has not been connected to any criminal activity, nor have regulators accused it of knowingly accepting illicit funds, although the exchange is reportedly under its own criminal probe by the Department of Justice in relation to its compliance with anti-money laundering, or AML, laws.The movement of Bitzlato’s funds raises questions about the efficacy of Binance’s AML practices, …

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