Binance Processed $346 Million for Crypto Exchange Bitzlato, Report Claims – Exchanges Bitcoin News



Cryptocurrency exchange Binance is said to have processed nearly $346 million in crypto transactions for Bitzlato, the cryptocurrency trading platform that was shut down in an international law enforcement operation. US authorities say the world’s largest digital asset trading platform is among the main partners of Russian-owned Bitzlato.

Blockchain data shows that Binance transferred over 20,000 BTC for Bitzlato from 2018

The global leader in crypto trading, Binance, has been accused of transferring nearly $346 million worth of crypto to Hong Kong-based Bitzlato, Reuters reports citing data from Chainalysis. Bitzlato was a little-known exchange until it was recently targeted in what US authorities describe as “a significant blow to the crypto crime ecosystem.”

Last week, the Ministry of Justice announced that the co-founder and major shareholder of Bitzlato, Russian citizen Anatoly Legkodymov living in China, was arrested in Miami and charged with running an unlicensed money exchange business that handled $700 million illegal money.

On Wednesday, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) said that Binance is the only major crypto exchange dealing with Bitzlato and one of its top partners. Among other things is the darknet market WaterPeer-to-Peer (P2P) Exchange Localbitcoins and Cryptocurrency Investment Scams FinikoRussia’s largest financial pyramid in recent years.

According to FinCEN, Hong Kong-registered Bitzlato, better known to Russian-speaking users, is a “major money laundering concern” related to illegal Russian financing. The office did not disclose details of the transaction sizes of the aforementioned platforms with Bitzlato but said it would prohibit financial institutions from transferring funds to the exchange without specifying the entities it refers to.

According to data compiled by blockchain forensics firm Chainalysis and viewed by Reuters, Binance has transferred over 20,000 BTC for Bitzlato, valued at $345.8 million at the time of the transaction, from May 2018 to the shutdown. The report also notes that Bitcoin for around $175 million was transferred to Binance from Bitzlato during this time period, making Binance its largest receiving partner.

The Largest Crypto Exchange Says It Supported the Investigation of Bitzlato

Binance has “provided substantial assistance” to international law enforcement to assist with their investigation of Bitzlato, a spokesperson for the exchange told the news outlet via email, while denying it. provide more details on the crypto giant’s dealings with Bitzlato or its partnership with the authorities.

Finland-based Localbitcoins said it has never had “any form of partnership or relationship” with Bitzlato while acknowledging that some P2P traders on their platform “will also trade on the Bitzlato P2P marketplace” but pointed out that there have been no transactions between the two exchanges since October 2022.

Reuters commented that there is no evidence that Binance, Localbitcoins or Finiko transactions with Bitzlato violated any laws or regulations. It is also not possible to determine whether Binance’s transactions with Bitzlato are under review. At the same time, the US-led action against Bitzlato comes as the Department of Justice investigates Binance for possible money laundering and sanctions violations.

Several European countries are also involved in the investigation against Bitzlato. Last week’s announcement revealed that French law enforcement agencies had dismantled the platform’s digital infrastructure in the country and confiscated its website. On Monday, Europol get the news that four other members of the exchange’s team were arrested in Spain and Cyprus.


For Sale By Owner – Ask Your Loan Officer To Help

For Sale By Owner

So you want to sell your home. You don’t know what to do.

You search the internet. You ask friends and relatives advice on how to go about doing this. You have a series of questions.

  1. What price should I ask for the home?
  2. How and where should I advertise it?
  3. How much should I spend on advertising?
  4. How long should I leave it on the market before I lower the price or should I list it with a realtor?
  5. How do I negotiate with a buyer?
  6. Who writes the contract?
  7. Are the buyers even able to buy my home?

This is just a short list of the questions you may have. After some research you decide to try and sell it yourself. You become a ‘for sale by owner’ home. FSBO for short.

Did you think of asking your mortgage loan officer for help?

Mortgage loan officers are not realtors and more than likely will not be able to answer all your questions about selling your home but they sure can be a good ally. They are in the business of home mortgage financing. They know a whole host of service providers related to the real estate business. Their sphere of influence and knowledge includes realtors, buyers, sellers, real estate contracts, settlement companies, real estate attorneys, appraisers, home inspectors along with other service providers that you may need during the ‘for sale by owner’ real estate process.

If you are selling your home it is likely that you will need a mortgage for your new place. Give your mortgage loan officer a call to get pre-approved. When we meet for your pre-approval you can discuss the ways in which you may need help with selling your home.

The most important service they can provide to you is to do a pre-approval on any potential buyers of your home. This will insure the buyer can purchase your home. This step will save you a lot of time, money and potential heartache down the road.

Some mortgage loan officers can also provide you with marketing flyers FREE of charge. These flyers will be colorful, descriptive and professional. You provide them with great pictures of your home. They will include those pictures along with your contact information, monthly payment examples and the amounts needed for down payment and closing costs. If you need a value on your home they can refer you to home valuation websites. They can also refer you to a real estate appraiser who can give you an exact market value of your home for a fee. Most can show you how to obtain a real estate sales agreement and how to fill it out. They can also refer you to a real estate attorney to do the contract if that would make you feel more comfortable. You may want to have your home inspected to provide a potential buyer with a clean home inspection. They can refer you to a home inspector for that service.

Remember, when you are a ‘for sale by owner’ seller, use all the resources at your disposal. This includes your mortgage loan officer. They can be a great asset in your corner when selling your home on your own.