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Binance Was Top Thoroughfare for Crypto Exchange Charged in Money Laundering Scheme

Ponzi Scheme

Binance Was Top Thoroughfare for Crypto Exchange Charged in Money Laundering Scheme


A hand holding a phone with the binance logo in front of an American flag.

U.S. authorities have been reportedly investigating Binance for nearly four years. Recent enforcement actions against entities connected to Binance is putting even more pressure on the world’s largest exchange.

Binance, the world’s largest crypto exchange has been linked to a federally charged crypto company and its founder to the tune of nearly $346 million in bitcoin. It comes after months of speculation that federal prosecutors are honing in on Binance over allegedly facilitating illicit money laundering.

On Tuesday, Reuters reported that $346 million ran through Binance by the federally cited Bitzlato crypto exchange, according to blockchain data from Chainalysis. Bitzlato had been cited for acting as a kind of “no-questions-asked cryptocurrency exchange” that allegedly allowed $700 million in criminal proceeds to funnel through it. During that time, Binance was just one of three major parties that received these funds from 2018 through the middle of 2022, according to the Treasury Department’s Financial Crimes Enforcement Network (otherwise known as FinCEN).

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Though Binance had been cited previously as a major party in the Bitzlato arrest by blockchain analysis firm Arkham Intelligence and in a report by CNBC, this is the first time we’ve been given a number for how much of that money went through Binance. However, it’s still a question of how much of that $346 million were…

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