Authorities have seized cryptocurrency exchange Bitzlato, and arrested its co-founder, accusing the firm of fuelling a “high-tech axis of crypto crime”. They said Bitzlato processed more than $700m in illicit funds, breaking rules designed to thwart money laundering. They alleged that the firm was aware of the issues, citing an internal document that described Bitzlato as handling “dirty money” without standard customer-vetting procedures. Bitzlato claimed it did not accept US customers but prosecutors said it in fact did “substantial” business with Americans. What is your thought on the charges?
