Russian cryptocurrency owner arrested in Miami for allegedly transmitting over $700M in illicit funds

Deputy Attorney General Lisa Monaco announces international enforcement action against cryptocurrency exchange Bitzlato and the arrest of the company's founder, Russian national Anatoly Legkodymov, during a news conference at the Justice Department on Wednesday.

The DOJ stated that Bitzlato Ltd. is a Hong Kong-registered cryptocurrency exchange that had had minimal identification requirements, ultimately resulting in an environment where criminal proceeds could occur. Users did not have to take photos of themselves or provide a passport for self-identification.

The DOJ also accused the company and Legkodymov of failing to provide anti-money laundering safeguards enabled criminals to profit off wrongdoing, including drug trafficking and ransomware.

This guy is going to get out on bail and disappear.

I feel like there should be a higher maximum sentence than 5 years… not much of a deterrent when that kind of money is involved.

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Justice Dept. charges Russian founder of cryptocurrency firmA Russian national who founded a cryptocurrency exchange that the Justice Department says became a haven for the proceeds of criminal activity has been arrested, federal officials said Wednesday. Anatoly Legkodymov, who lives in China, was arrested Tuesday night in Miami and was due in court on a charge of conducting an unlicensed money-transmitting business. Prosecutors allege that Legkodymov's cryptocurrency exchange, Bitzlato Ltd., of which he served as majority owner, did not implement required anti-money-laundering safeguards and required only minimal identification from its users, even permitting them to supply information belonging to “straw man registrants,” people serving as cover for the users. & She'd likely be a 1-6-21 Corrupt GOP Trump supporter living undercover in Xi's China Good👍
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