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News

Crypto Lender Nexo Alleged Money Laundering, Tax Offenses In Bulgaria

January 12, 2023 - Around 2 mins mins to read

Key Points:

  • Authorities in Bulgaria are looking into the cryptocurrency lender Nexo on suspicion of money laundering, tax evasion, unauthorized banking, and computer fraud.
  • In order to neutralize the criminal activities of the crypto lender, which involves more than 300 people, the Bulgarian Prosecutor’s Office is starting an inquiry in Sofia.
  • Nexo declared that the company is working with the appropriate authorities and regulators. The company said it had strict know-your-customer and anti-money-laundering policies and suggested it was being unfairly singled out for attention.
According to reports on Thursday, Bulgarian authorities have begun an inquiry into potential unlawful acts carried out by crypto lender Nexo.
Crypto Lender Nexo Alleged Money Laundering, Tax Offenses In Bulgaria

Authorities in Bulgaria are reportedly looking into the cryptocurrency lender Nexo on suspicion of money laundering, tax violations, unlicensed banking, and computer fraud. They conducted raids at more than 15 locations in Sofia, the country’s capital.

When it comes to the cryptocurrency realm, crypto lenders operate like banks, giving their clients interest in the cryptocurrencies they deposit on their platform.

According to a statement posted on Facebook on Thursday, the Bulgarian Prosecutor’s Office is looking into Nexo’s criminal behavior in Sofia in order to neutralize it. The operation involves more than 300 investigators.

Crypto Lender Nexo Alleged Money Laundering, Tax Offenses In Bulgaria

Siyka Mileva, a spokeswoman for the prosecutor’s office, said:

“The main organizers of the scheme are Bulgarian citizens, and the activity was carried out mainly from the territory of Bulgaria. Evidence has been collected that a person who used the platform and transferred cryptocurrencies has been officially declared a terrorist financing person,” according to the statement.

Nexo stated in a Twitter thread that it is working with the necessary authorities and regulators. It claimed to have strict know-your-customer (KYC) and anti-money-laundering (AML) rules and suggested it was being unfairly singled out for attention.

According to the prosecution, Nexo operated through numerous businesses, many of which were mere “post boxes.”

Previously, because of difficulties with harsh policies in the US, the crypto lender abandoned this market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

anti-money-laundering

Bulgaria

Crypto Lender

know-your-customer

Nexo

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Crypto Lender Nexo Alleged Money Laundering, Tax Offenses In Bulgaria

Key Points:

  • Authorities in Bulgaria are looking into the cryptocurrency lender Nexo on suspicion of money laundering, tax evasion, unauthorized banking, and computer fraud.
  • In order to neutralize the criminal activities of the crypto lender, which involves more than 300 people, the Bulgarian Prosecutor’s Office is starting an inquiry in Sofia.
  • Nexo declared that the company is working with the appropriate authorities and regulators. The company said it had strict know-your-customer and anti-money-laundering policies and suggested it was being unfairly singled out for attention.
According to reports on Thursday, Bulgarian authorities have begun an inquiry into potential unlawful acts carried out by crypto lender Nexo.
Crypto Lender Nexo Alleged Money Laundering, Tax Offenses In Bulgaria

Authorities in Bulgaria are reportedly looking into the cryptocurrency lender Nexo on suspicion of money laundering, tax violations, unlicensed banking, and computer fraud. They conducted raids at more than 15 locations in Sofia, the country’s capital.

When it comes to the cryptocurrency realm, crypto lenders operate like banks, giving their clients interest in the cryptocurrencies they deposit on their platform.

According to a statement posted on Facebook on Thursday, the Bulgarian Prosecutor’s Office is looking into Nexo’s criminal behavior in Sofia in order to neutralize it. The operation involves more than 300 investigators.

Crypto Lender Nexo Alleged Money Laundering, Tax Offenses In Bulgaria

Siyka Mileva, a spokeswoman for the prosecutor’s office, said:

“The main organizers of the scheme are Bulgarian citizens, and the activity was carried out mainly from the territory of Bulgaria. Evidence has been collected that a person who used the platform and transferred cryptocurrencies has been officially declared a terrorist financing person,” according to the statement.

Nexo stated in a Twitter thread that it is working with the necessary authorities and regulators. It claimed to have strict know-your-customer (KYC) and anti-money-laundering (AML) rules and suggested it was being unfairly singled out for attention.

According to the prosecution, Nexo operated through numerous businesses, many of which were mere “post boxes.”

Previously, because of difficulties with harsh policies in the US, the crypto lender abandoned this market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News