In the wake of FTX, now that lawmakers are calling for more stringent oversight of crypto, the takedown of little-known exchange Bitzlato only shows the existing power U.S. regulators have over global finance, danielgkuhn writes. Opinion.
Bitzlato is a crypto exchange registered in Hong Kong and run by the Russian national Anatoly Legkodymov . The indictment claimed the exchange processed about $4.5 billion worth of crypto currency transactions since its founding in 2018, of which $700 million is known to have flowed to or from the prominent “darknet marketplace” Hydra. Further, a “meaningful” volume allegedly came from U.S. customers – meaning it would be subject to “U.S. regulatory safeguards.
Legkodymov allegedly was aware that his exchange was used by what he called “crooks” and even advertised it as such. If convicted of operating an illegal money transmitting business, Legkodymov faces a maximum sentence of five years. All of this raises the question of why the agencies would grandstand about what seems like relatively straightforward police work.
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