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Search resuls for: "Daphne Psaledakis Raphael Satter"


2 mentions found


☆ U.S. arrests Bitzlato cofounder, alleges $700 mln of illicit funds processed
  + stars: | 2023-01-18 | by ( Daphne Psaledakis Raphael Satter Chris Prentice | Daphne Psaledakis | Raphael Satter | ) www.reuters.com   time to read: +4 min
WASHINGTON, Jan 18 (Reuters) - U.S. authorities said on Wednesday they have arrested the majority shareholder and cofounder of Hong Kong-registered virtual currency exchange Bitzlato Ltd for allegedly processing $700 million in illicit funds. It also broke rules requiring significant vetting of customers and failed to meet requirements aimed at preventing money laundering, authorities said. REUTERS/Dado Ruvic/Illustration 1 2Prosecutors said Bitzlato knowingly serviced U.S. customers and conducted transactions with U.S.-based exchanges using U.S. online infrastructure. "Identifying Bitzlato as a primary money laundering concern effectively renders the exchange an international pariah," Deputy Treasury Secretary Wally Adeyemo said at the news conference. "None of the mainstream financial institutions will deal with an entity identified as a primary money laundering concern," she said.
☆ U.S. authorities arrest founder of Hong Kong crypto exchange Bitzlato
  + stars: | 2023-01-18 | by ( Daphne Psaledakis Raphael Satter | Daphne Psaledakis | Raphael Satter | ) www.reuters.com   time to read: +1 min
REUTERS/Dado Ruvic/IllustrationWASHINGTON, Jan 18 (Reuters) - U.S. authorities said on Wednesday they have arrested the majority shareholder and cofounder of Hong Kong-registered virtual currency exchange Bitzlato Ltd for allegedly processing hundreds of million of dollars in illicit funds. The action, done in conjunction with the U.S. Treasury Department's Financial Crimes Enforcement Network and foreign authorities, marked the first major action by the Justice Department's National Cryptocurrency Enforcement Network. Treasury's Financial Crimes Enforcement Network (FinCEN) said it has prohibited certain transmittals of funds involving Bitzlato by any covered financial institution after labeling Bitzlato Ltd a "money laundering concern" related to Russian illicit finance. By midday Wednesday, Bitzlato's website was replaced by a notice saying that the service had been seized by French authorities "as part of a coordinated international law enforcement action." Reporting by Daphne Psaledakis, Raphael Satter, Kanishka Singh, Chris Prentice Writing by Chris Prentice; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.
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