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The US Department of Justice (DOJ) has announced the shutdown of cryptocurrency exchange Bitzlato, along with the FBI’s arrest of exchange owner Anatoly Legkodymov. In a live stream broadcast on Jan. 18, law enforcement officials revealed that the Hong Kong-based exchange is part of a vast illicit cryptocurrency network designed to evade sanctions, launder money and covering up crimes.

“Legkodymov operated Bitzlato as a high-tech financial hub that, in his own words, catered to ‘known scammers,'” the DOJ said. statement bed. “Bitzlato has failed to implement safeguards required by US law – safeguards that enable authorities to detect and investigate financial crimes.”

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