WASHINGTON (AP) – A Russian national who founded a cryptocurrency exchange the Justice Department says evaded U.S. regulations and became a haven for proceeds of criminal activity has been arrested.

Federal officials say Anatoly Legkodymov was arrested Tuesday in Miami and was due in court Wednesday on a charge of conducting an unlicensed money transmitting business.

Prosecutors allege his China-based cryptocurrency exchange, Bizlato, did not implement required anti-money-laundering safeguards and required only minimal identification from its users.

The charge Legkodymov faces carries a maximum penalty of five years in prison upon conviction.

Legkodymov is in custody, and it’s unclear if he has a lawyer who could comment on his behalf.