Hong Kong crypto exchange Bitzlato busted for laundering $700M, meanwhile, Samsung lists a new Bitcoin futures ETF: This week in crypto news from the Asia Pacific.
to a Jan. 18 statement from the U.S. Department of Justice, Hong Kong cryptocurrency exchange Bitzlato was shut down by U.S. and E.U. authorities over allegations that since May 2018 the exchange has processed $700 million in funds linked to illicit activities, including millions in ransomware proceeds. Prosecutors alleged that illicit funds made up a significant part of its trading volume, with Bitzlato only processing around $4.
“Hydra Market users exchanged more than $700 million in cryptocurrency with Bitzlato, either directly or through intermediaries, until Hydra Market was shuttered by U.S. and German law enforcement in April 2022. Bitzlato also received more than $15 million in ransomware proceeds.”it would cease operations in Japan, citing difficult marketing conditions. According to the exchange, users’ Japanese yen and crypto assets were segregated, and all customers will have until Feb.
“Any remaining crypto holdings held on Coinbase on or after Feb. 17 will be converted to JPY. In the month following Feb. 17, Coinbase will send any remaining JPY to a Guaranty Account at the Legal Affairs Bureau in accordance with legal requirements. If customers do not take any action before Feb. 16, they will have to coordinate with the Legal Affairs Bureau to retrieve their JPY balance.”
Coinbase first began its expansion into the Japanese market in 2018. Another crypto exchange, Kraken, on Dec. 28, citing “weak market conditions.” Earlier this month, Coinbase said it would lay off another 20% of its staff amid the ongoing crypto winter.
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