- Nexo’s offices in Bulgaria were raided by authorities early this morning.
- There are allegations that one of the users was funding terrorism.
- Nexo has confirmed the incident and said it is cooperating with authorities.
There are reports that the Bulgarian offices of cryptocurrency lender Nexo are being investigated by authorities for suspected money laundering, fraud, and violating tax laws. The Bulgarian Public Prosecutor’s Office Statement of Issues It says an investigation is underway to neutralize what they say is Nexo’s “criminal activity.”
Officials say more than 300 people are currently involved in the operation, making it a major operation in Bulgaria. According to the statement:
“Aggressive investigative activity is underway in the capital to neutralize the illicit and criminal activities of the Nexo Crypto Bank…The person who used the platform to transfer cryptocurrencies has been officially declared a terrorist financer.” Evidence has been collected.”
so twitter thread, Nexo said it is cooperating with authorities and regulators. A Nexo spokesperson also confirmed that a raid had taken place at the Bulgarian office, but said that Nexo is one of the strictest organizations when it comes to KYC/AML. A spokesperson said:
“As you know, there are authorities in one of Nexo’s offices in Bulgaria, the most corrupt country in the EU. The entity is non-customer facing and only has back office functions (payroll, customer support, compliance).We are one of the most rigorous organizations with regards to KYC/AML.”
Borrow cash for a loan secured by virtual currency
Nexo allows users to take out crypto-backed loans in cash, and also offers a product that allows users to earn interest on cryptocurrencies instead of leaving them behind. Last year, Nexo became the first company to offer 12% of his APR on his Apecoin.
The cryptocurrency lender has grown to be the world’s largest cryptocurrency lender with offices in various parts of the world, including countries such as Bulgaria. It also ranks among the top 10 best cryptography apps for beginners as documented in previous posts.