- A global investigation has seized the offices of Nexo, increasing regulatory pressure.
- NEXO faces crimes, including money laundering and violating Russian sanctions
- According to Nexo, it is cooperating with the relevant authorities and regulators
The authorities are investigating Nexo on suspicion of money laundering, tax violations, unlicensed banking, and computer fraud. The offices of Nexo have been seized as part of a global investigation, resulting in increased regulatory pressure.
According to a local news service, a crew of prosecutors, detectives, and foreign operatives began searching Nexo’s headquarters in the Bulgarian capital on January 12.
An alleged extensive financial criminal conspiracy, including laundering of funds and violating international sanctions against Russia, was the apparent objective of the operation, which was reportedly started many months ago.
The Bulgarian National Television emphasized Nexo’s apparent ties to the Bulgarian government, noting that former Bulgarian parliament member Antoni Trenchev and Georgi Shulev, the son of former Bulgarian deputy prime minister Lydia Shuleva co-founded Nexo.
Nexo stated in a Twitter thread that it is collaborating with the appropriate authorities and regulators. It stated that it adhered to strict anti-money laundering (AML) and know-your-customer (KYC) standards and hinted that it was being unfairly targeted.
In other news, brokerage platform for cryptocurrencies Blockchain.com has announced that it would be laying off 28% of its personnel, adding to a terrible week of bloodletting that has occurred throughout the troubled cryptocurrency business. The massive brokerage company has let go of approximately 110 people of the total workforce.
The layoffs announced on Thursday came after Blockchain.com was forced to let off about 150 employees in July. At the time, the company was struggling to cope with a loss of $270 million on loans it had made to a failing hedge fund called Three Arrows Capital.
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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.
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- Source: https://cryptonewsland.com/bulgaria-busted-nexos-due-to-alleged-terrorist-funding/