Binance and Bizlato: Partners in CryptoCrime Posted on January 31, 2023 News By Akta Yadav 157 Views Binance and Bizlato:- The US Justice Department declared a Global Cryptocurrency Enforcement Action in January, 2023 a day after enforcing a ban against Bizlato, a crypto exchange company indulging in illicit transactions on the darknet and laundering loads of money in violation of US finance laws. A study by Reuters has found that Binance, the world’s largest crypto exchange company has heavily assisted Bizlato in its illegal functions. The Reuters report says, “Both Binance and Bitzlato were significant counterparties of the world's largest darknet drugs marketplace Hydra.” Binance and Bizlato Illegal Actions of Binance The number of transactions that the crypto exchange company, Binance performed on behalf of Bizlato is about 205,000, worth 345.8 million dollars. The report found that the crypto exchange company, Binance did make a superficial show of checking the records of its customers regularly in order to avoid illicit crypto exchange, however, on ground the crypto exchange company kept its policies and rules of cross checking very lenient on purpose, in order to facilitate not only Bizlato but many more companies in illicit crypto exchange. Binance has transacted another set of crypto exchanges amounting to 10 billion dollars in order to sponsor crime. Binance even engaged in planning and crafting new methods to evade the strictly US finance laws and regulations regarding crypto exchange. The Way Ahead The crypto exchange company Binance has targeted the evasion of the US laws for protection of cryptocurrency action. This company too might be the next in number after Bizlato to be banned under the International Cryptocurrency Enforcement Action 2023 of the US Justice Department. Binance and Bizlato For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true and top stories of the world.