NewsLocalIllegal activities behind seized Bitzlato online cryptocurrency platform, one suspect detained in...

Illegal activities behind seized Bitzlato online cryptocurrency platform, one suspect detained in Cyprus

A 33-year-old Russian man arrested in Limassol on Sunday in connection with an online cryptocurrency platform/exchange that was being used to launder money from illegal activities remains in custody.

This is what Philenews report on Tuesday, adding that the Cyprus Police took part in a joint European operation that led to the seizure of Bitzlato online cryptocurrency platform/exchange.

The Bitzlato platform acted as a Hong Kong-based cryptocurrency exchange and offered the possibility of exchanging cryptocurrencies for roubles.

According to investigations conducted by law enforcement agencies, 46% of the cryptocurrencies traded on this platform came from questionable practices like internet fraud, money laundering, and child pornography.

Limassol District Court on Monday began looking into the request for his extradition to the French authorities.

His lawyer objected to the extradition with the Court ordering that he remained free on bail pending the outcome of the case.

The Court also ordered the 33-year-old to pay the sum of €30,000 as bail and to sign in twice a day at a police station.

However, the suspect did not comply with the conditions and as a result he was taken back into custody.

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