A crypto exchange allegedly processed over $700 million worth of illicit funds before the Department of Justice shut it down (via CNBCMakeIt)
The U.S. Department of Justice and French authorities shut down an alleged money laundering destination for crypto criminals on Thursday., a Russian national and senior executive of Bitzlato, a cryptocurrency exchange registered in Hong Kong that operates globally, with "conducting a money transmitting business that transported and transmitted illicit funds and that failed to meet U.S. regulatory safeguards, including anti-money laundering requirements.
Although Bitzlato said it didn't accept users from the U.S., the Justice Department alleges the crypto platform did a substantial amount of business with U.S.- based customers and the company's customer service representatives repeatedly advised users that they could transfer funds from U.S. financial institutions.
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