According to Bloomberg, about two-thirds of Bitzlato’s largest receiving and sending counterparties were tied to darknet markets or scams, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) wrote in a document: In May 2018 Between September and September 2022, Binance was the largest receiving counterparty for total Bitcoin volume, followed by Russia-linked darknet marketplace Hydra and Russia-based scam TheFiniko in second and third place, respectively. The top three sending counterparties during the same period were Hydra, Finnish bitcoin exchange Local Bitcoins and TheFiniko. According to a statement from the Justice Department, Bitzlato processed illicit funds including millions of dollars in ransomware proceeds.

In response, a Binance spokesperson wrote in a statement that Binance "provided substantial assistance to international law enforcement partners in support of this investigation, which demonstrates Binance's commitment to working with law enforcement partners around the world."