Binance, the world's largest crypto exchange by trading volume, processed $345.8 million worth of bitcoin (BTC) transactions for crypto exchange Bitzlato, Reuters reported Tuesday, citing data by blockchain research firm Chainalysis.

According to Reuters, Binance processed 205,000 transactions in behalf of Bitzlato between May 2018 and last week, when Bizlato shut down after the U.S. Department of Justice charged it and its founder with money laundering.

About $90 million worth of bitcoin transfers were carried out after August 2021, according to the report, which was when Binance said it would start demanding stricter background checks from customers in order to fight financial crime.

Binance was named as one of Bitzlato's top three counterparties by the U.S. Treasury's Financial Crimes Enforcement Network.

Neither Binance nor Chainalysis immediately responded to requests for comment.