- Binance blocks certain accounts due to a dispute with Bitzlato, a crypto trading platform.
- Few affected clients express astonishment and confusion about actions taken against Bitzlato.
- Binance and Mastercard are set to launch a crypto card in Brazil.
Earlier today, Whalechart asserted in a tweet that Binance, one of the world’s largest cryptocurrency exchanges, has suspended some accounts amid a case with the crypto trading platform, Bitzlato. The case involves allegations of fraud, leading Binance to take measures to protect its users’ funds.
However, a few affected users expressed astonishment and confusion about the actions taken against Bitzlato. One user voiced his opinion, claiming that Bitzlato-related barriers are absurd and are just allegations unless proven innocent.
Nevertheless, FinCEN alleges that the Hong Kong-registered company Bizlato is a major money laundering concern in relation to Russian illegal funds. According to reports, the website was a component of a Ponzi scheme that promised investors huge profits.
Furthermore, the U.S. Deputy Attorney General declared on Jan.18 that the department collaborated with significant domestic and international partners to shut down Bitzlato, the China-based money laundering operation that powered a high-tech axis of crypto crime.
As a result, the US Department of Justice embarked on a major cryptocurrency compliance effort to apprehend Bitzlato’s predecessor, Russian national Anatoly Legkodymov.
Nevertheless, some users are now concerned about the security of their cash on Binance as a result of the recent Bitzlato claims. Experts, however, disagree as Binance has been at the forefront of the cryptocurrency sector, offering consumers a platform to trade and exchange digital assets.
In related news, Mastercard and Binance have partnered to launch a new alliance to offer Brazilians a new kind of financial product, according to a tweet by Watcher.
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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.
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