Crypto loan Nexo is examined in Bulgaria for suspected money laundering and Russian sanction violations-
Crypto loan Nexo is examined in Bulgaria for suspected money laundering and Russian sanction violations-
Bulgarian law enforcement authorities search off the crypto loan Nexo's crypto loan for suspected money laundering and violations of sanctions
According to reports, Bulgarian law enforcement officers searched the offices of the cryptocurrency loan Nexo on January 12, 2023. According to Siika Mileva, spokeswoman for the Bulgarian Attorney General, the company is investigated for violating sanctions against Russia and money laundering crimes. The head of the Bulgarian unity for cybercrime, Svetlio Vasilev, explained:A customer of the platform that has transferred cryptocurrency was officially declared the organizer of terrorist activities. Anyone who is charged for the actions still has to be clarified. More than 15 addresses are searched and new interested parties are determined.
nexo, which is based in London, but also runs in Sofia, where the raid took place, immediately contested any misconduct on Twitter after history. "We have rejected many orders over the years because Nexo never compromises with regard to our very strict anti-money laundering and know-your-customer guidelines. But we always knew that you are building up such a sustainable business," said the company on Thursday. Nexo added:
Unfortunately, some regulatory authorities have recently taken over the "Kick First, ASK Questions Later" approach with the latest official approach to crypto. In corrupt countries it borders extortion, but that should also pass.
The message follows on reports from the end of September 2022 that half a dozen security supervisory authorities from the United States examined Nexo and submitted complaints against the company's credit services. The state of New York and the Attorney General Letitia James also filed a lawsuit against Nexo. After James's lawsuit, Nexo said to leave the US market. The spokesman for the Bulgarian Attorney General said that around $ 94 billion had flowed through Nexo in the past five years.
The Nexo managers believe that the investigation and the raid are unfounded, and further emphasized that the company "always works with the responsible authorities and regulatory authorities". In addition to the search of the offices in Sofia, the prosecutors stated that the investigation was initiated several months ago after allegedly suspicious transactions were carried out. Allegedly, the reported transactions should avoid western sanctions that were imposed against the Russian Federation.
What do you think of the allegations against Nexo and the ongoing examination of your business practices? Share your opinion on this topic in the comment area below.
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