Feds arrest Russian crypto operator on suspicion of criminal activities | CNN Business

US authorities arrested a Russian cryptocurrency executive who allegedly exchanged hundreds of millions of dollars with drug traffickers and cybercriminals.

Anatoly Legkodymov, 40, was arrested in Miami, the Justice Department said Wednesday. The US Treasury Department has labeled his cryptocurrency exchange, Bitzlato Limited, a “primary money laundering concern,” a move designed to cripple the exchange and cut off its financing. His arrest marks the latest effort by President Joe Biden’s administration to crack down on digital currencies that US officials say have for too long been a safe haven for fraudsters and drug dealers.

A Twitter account with the exchange’s name did not immediately respond to message seeking comment on the charges. Monaco has overseen an aggressive effort at the Justice Department to seize some of the billions of dollars in illicit cryptocurrency proceeds that scammers, hackers and drug dealers have reportedly made in recent years. To try to get a handle on the problem, the FBI last year formed a team of cryptocurrency experts that focuses on blockchain analysis and seizing digital money.

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