- 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.
Read Also :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.