Crypto giant Binance processed almost $346m in Bitcoin for the Bitzlato digital currency exchange, whose founder was arrested by United States authorities last week for allegedly running a “money laundering engine”, Reuters has reported citing blockchain data.The US Justice Department on January 18 said it charged Bitzlato’s co-founder and majority shareholder Anatoly Legkodymov, a Russian national living in China, with operating an unlicensed money-exchange business that “fuelled a high-tech axis of crypto-crime” by processing $700m in illicit funds.Bitzlato had touted the laxity of its background checks on clients, the Justice Department said, adding that when the exchange did ask users for ID information, “it repeatedly allowed them to provide information belonging to ‘straw man’ registrants”.
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