Is bitzlato a 'primary money laundering concern'?

The US Treasury Department has identified Bitzlato as a “primary money laundering concern” in connection with the Russian government. US authorities announced on Wednesday that the Russian co-founder of Hong Kong-based crypto exchange Bitzlato had been arrested in Miami for allegedly processing $700 million in illicit funds.

Will bitzlato be untouchable by foreign banks?

Cari Stinebower, a former Treasury Department official now a partner at law firm Winston & Strawn, said the penalties imposed are akin to those under Section 311 of the U.S. Patriot Act and will make Bitzlato untouchable by U.S. and foreign banks.

How much ransomware did bitzlato receive?

Bitzlato also received more than $15 million of ransomware proceeds, the Justice Department said. The founder of crypto exchange Bitzlato pleaded guilty Wednesday to operating a money-transmitting business that transported and transmitted illicit funds. U.S. authorities arrested Anatoly Legkodymov, also the firm's majority owner, in January.

Who is bitzlato & why was he arrested?

WASHINGTON, Jan 18 (Reuters) - U.S. authorities said on Wednesday they have arrested the majority shareholder and cofounder of Hong Kong-registered virtual currency exchange Bitzlato Ltd for allegedly processing $700 million in illicit funds.