Anatoly Legkodymov, founder of the Bitzlato exchange, has been sentenced to 18 months in the US, which he has already served in a pre-trial detention center, for setting up an unlicensed money transfer business that helped hide more than $700 million in darknet proceeds for criminals.

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This verdict sends a strong message about the importance of compliance in the crypto industry. Unlicensed money transfer businesses have no place in the space.