Good evening everybody and welcome back to of enter crypto
where twice a day. I keep you informed and fully up to date on
all things. Crypto. Every 12 hours. So today we're going to be
talking about an article
I have found in the and I, in fact, I have to say that before I read this article, I had News has business section and it's a breaking story. Just came out today or come out during the night. I should sure, and it's titled. It's Lotto crypto found it charged with seven hundred million dollars of financial crimes. Now I believe B latter and is a Russian exchange as a really small Russian exchange. I don't know much about this story never even heard of bit Slaughter. So it is, it must be really small because I've been in
crypto a while and I've never even heard this name. So let's see what he's got to say. Anyway, especially The is I believe the Department of Justice involved here, which is obviously a huge, huge organization with huge amount of power to go after this little little Exchange in Russia, so it will see. And so authorities, have seized crypto currency, exchange, B, latter, and arrested. Its co-founder accusing The Firm of fueling, a high-tech, axes of crypto crime.
The US Department of Justice,
charged and a tallit leg
.
Cody Martin Move a Russian national living in China with running a business that cater to what he wants. Described as Crooks, they said B Lotto process. More than 700 million dollars. In illicit funds. Breaking rules designed to thwart money. Laundering mr. Leg khadim of was arrested in Miami institutions that trading cryptocurrency are not above the law, and their owners are not beyond our reach us. Attorney Braun piece said at a press conference on Wednesday announced In the arrest, as alleged B, Lotto sold itself to criminals as a no-questions-asked, crypto currency exchange, and reaped hundreds of millions of dollars worth of deposits as a result. And the defendant is now paying the price for the Moline role that is commonly played in the cryptocurrency ecosystem. Since 2018. The Hong Kong registered exchange had processed about four and a half billion dollars worth of crypto transactions. According to the complaint, The Firm required minimum identity. Excuse me. Minimal identification, from its users, allowing it to become a Haven for criminal proceeds and funds intended for use in criminal activity. Prosecutors said they alleged that the firm was aware of the issues. Citing an internal document that describes its lotto, as handling dirty money without Standard customer vetting. Procedures authorities. Said, the film was closely connected to Hydra Market. A darknet Marketplace for drugs money laundering. And stolen financial information that International authorities shut down last year. It it's lots of acclaimed, it did not accept us customers but prosecutors said it in fact did substantial business with Americans and US authorities worked with law enforcement in France and other countries on the operation.
So this actually looks like nobody got scammed in this. This is just an exchange that just does not require the kyc or am L process so you don't have to for anyone doesn't know, kyc is know your customer. It's not in that as Europe and the UK and in America, they call it the anti-money laundering, so am L, and it basically means that you've got to get certain information or so much information from customers if you want to do dealing Financial transactions with them. So, for example, if you want to buy Krypton coinbase, they have a, they have a, they are Duty Bound, by the regulations. Put in place that they must get your identity if you live in Europe, the America America, or the UK. So and that's That's that's the law. So that's how they have to operate. Now, there are in crypto, there are also exchanges that exists that once you've got your Kryptonian, the crypto ecosystem, you can use looks like this particular one B Larter. You don't have to they don't they don't bother with the sound with the know, your customer details, they don't ask you for any identification, they don't ask you and I think the literally just probably ask you for an email address, just so that you can sign into your trading account. It's very similar, this room. Minds me of an exchange that's around now called trade, org and trade. Ogres is, in my opinion. It's a brilliant exchange. I certainly has been up to now and you don't need any kyc, not a ml, nothing. You can get in, and out a Bitcoin mineiro trades would literally just an email address. So, and that is in some countries, that's not allowed. In some countries, it's allowed. So this is not Financial advice on Sunday to go out there and do it. But I'm just saying that it's, it's A useful tool and this looks like it's the similar thing so it looks like they've breached regulations. And so it's not necessarily a crime where there's been victims involved with like retail or pretty much anybody actually. It's just that the US has decided that because they're not following their rules that they're going to the arrested the main guy in, what looks like to be in Miami they and and, and the stopped it. So I just a shot One. But it quite an interesting, an interesting one there.
Do check out trade ogre. It's really, really good. Really, really good exchange. So that's what I've
got for you this evening.
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