Bulgarian police conduct searches in Nexo
2023.01.12 08:27
Bulgarian police conduct searches in Nexo
By Kristina Sobol
Budrigannews.com – Nexo, a troubled lender of cryptocurrencies, is under more regulation pressure now that its offices have reportedly been raided as part of an international investigation.
On January 12, the local news agency Standart reported that a group of prosecutors, investigators, and foreign agents began searching Nexo’s offices in the capital of Bulgaria.
According to reports, the operation was launched a few months ago with the goal of disrupting a massive financial crime syndicate that was allegedly involved in money laundering and violating international sanctions against Russia. The report makes the claim that Nexo was involved in the scheme and cites sources from Bulgarian National Television.
The television also talked about Nexo’s alleged connections to the Bulgarian government. It said that former parliament member Antoni Trenchev and Georgi Shulev, the son of former deputy prime minister Lydia Shuleva, co-founded Nexo.
Nexo was quick to react to the latest news and took to Twitter to reassure the public that the company has adhered to stringent Anti-Money Laundering and Know Your Customer policies in addition to complying with global crypto regulations.
Unfortunately, some regulators have recently adopted the “kick first, ask questions later” strategy as a result of the recent regulatory crackdown on cryptocurrency. It borders on racketeering in corrupt nations, but that too shall pass,” Nexo wrote.
Because Nexo never makes concessions regarding our extremely stringent anti-money laundering and know-your-customer policies, we have turned down a lot of business over the years. However, we have always known that this is how a profitable business is built.
Nexo is a cryptocurrency investment platform that was established in 2018 and allows users to stake and borrow against crypto. The California Department of Financial Protection & Innovation issued Nexo a desist and refrain order in September regarding its interest service, marking the first time the company had issues in the United States. After failing to establish a dialogue with regulators in the United States, Nexo ultimately decided to gradually cease operations there.
