The world’s largest crypto firm Binance has come out as the key counterpart to the digital-asset platform Bitzlato, which has been accused of $700 million dollars illegal funding.
As per the Treasury Department document, Binance was the top Bitcoin receiving counterparty between May 2018 and September 2022.
The top three sending counterparties during the same period were Hydra, Local Bitcoins in Finland and TheFiniko, the document showed.
In his press statement, a Binance official has clarified that Binance provided substantial assistance to international law enforcement partners in support of this investigation.
“This exemplifies Binance’s commitment to working collaboratively with law enforcement partners worldwide,” the spokesperson said.
Recent order of Department of Treasury claimed that approximately two-thirds of Bitzlato’s top receiving and sending counterparties are associated with darknet markets or scams.
According to the Department Of Justice Department, Bitzlato, a Hong Kong registered entity, processed illegal funds including millions of dollars in ransomware gains.