Nexo Investigated for Money Laundering, Sanctions Violations

Bullet Points
• Bulgarian law enforcement officials are investigating crypto lender Nexo for alleged money laundering and sanctions violations.
• Bulgarian law enforcement raided Nexo’s offices on Jan. 12, 2023 as part of the investigation.
• Nexo has denied any wrongdoing and stated that they have always held stringent anti-money laundering and know-your-customer policies.

The Bulgarian law enforcement officials have recently launched a large-scale investigation into crypto lender Nexo for allegedly violating sanctions against Russia and committing money laundering crimes. The investigation, which involves 300 investigators from various agencies, including the National Security Service, Gendarmerie, and Sofia Police, is being led by spokesperson for Bulgaria’s attorney general, Siika Mileva.

On Jan. 12, 2023, the Bulgarian law enforcement officials raided the offices of cryptocurrency lender Nexo as part of their investigation. According to Svetlio Vasilev, head of Bulgaria’s cybercrime unit, a client of the platform who transferred cryptocurrency has been officially declared an organizer of terrorist activity. More than 15 addresses are being searched, and new persons of interest are being established.

Following the story, Nexo released a statement on Twitter denying any wrongdoing. The company stated that they have always held stringent anti-money laundering and know-your-customer policies and have turned down a lot of business because of these policies. They further added that this is how they have built a sustainable business, but unfortunately, with the recent regulatory crackdown on crypto, they are now facing this investigation.

The Bulgarian law enforcement officials are continuing their investigation into Nexo and it remains to be seen who will be charged with the crimes. The outcome of the investigation will have a significant impact not only on Nexo but also on the cryptocurrency industry as a whole.

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