Authorities in Miami arrested a Russian crypto firm owner yesterday after he allegedly helped process more than $700 million in illicit funds, according to the DOJ.
Deputy Attorney General Lisa Monaco announces international enforcement action against cryptocurrency exchange Bitzlato and the arrest of the company's founder, Russian national Anatoly Legkodymov, during a news conference at the Justice Department on Wednesday.
The DOJ stated that Bitzlato Ltd. is a Hong Kong-registered cryptocurrency exchange that had had minimal identification requirements, ultimately resulting in an environment where criminal proceeds could occur. Users did not have to take photos of themselves or provide a passport for self-identification.
The DOJ also accused the company and Legkodymov of failing to provide anti-money laundering safeguards enabled criminals to profit off wrongdoing, including drug trafficking and ransomware.
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