Anatoly Legkodymov, the Russian founder of Hong Kong-registered crypto exchange Bitzlato, has been arrested by US authorities for allegedly processing $700 million in illicit funds. 

In a January 18 filing, the U.S. Department of Justice said Legkodymov was arrested in Miami on Tuesday on charges that he run the exchange as an unregistered money-transmitting business that easily facilitated the transfer of illicit funds. The filing read:

"Bitzlato has processed approximately $4.58 billion worth of cryptocurrency transactions since May 3, 2018. A substantial portion of those transactions constitute the proceeds of crime, as well as funds intended for use in criminal transactions."

(By Ruholamin Haqshanas)