Binance was named as a counterparty in an order against the little-known Hong Kong-based cryptocurrency exchange, Bitzlato. The exchange was accused of laundering $700 million by U.S. authorities on Wednesday. Binance was named as the top three receiving and sending counterparties associated with Bitzlato, according to the order from the Treasury’s Financial Crimes Enforcement Network (FinCEN). “Approximately two-thirds of Bitzlato’s top receiving and sending counterparties are associated with darknet markets or scams,” the order said. “For example, Bitzlato’s top receiving counterparty, by total amount of BTC received between May 2018 and September 2022 was Binance.”

coindesk