Panic at the Nexo! – Abracadabrant scene in the Bulgarian headquarters of Nexo yesterday morning. the popular cryptocurrency lending service would be subject to a thorough investigation by the Bulgarian authorities. All the details of the case.
Nexo in the crosshairs of Bulgarian regulation
This is ENB extensiona Bulgarian local media who was the first to report this ongoing search of the company premises. Nexo would, in fact, be under judicial investigation for financial crimes including the violation of international sanctions against Russia. Prosecutors are reportedly looking for potentials evidence of money launderingtax crimes or computer fraud…
Authorities reportedly have evidence of using at least one person officially involved in terrorist activities their cryptocurrency lending services. Serious allegations to which Nexo hastened to respond on Twitter.
“Over the years, we have rejected many businesses because Nexo never compromises on our strict anti-money laundering and KYC (Know Your Customer) policies. We’ve always known that this is how you build a successful business. »
In their own words, Nexo has always made more effort than necessary throughout its development to equip itself with state-of-the-art tools in terms of regulatory standards. While maintaining easy access to their services for their customers. The company also has 30 full-time employees responsible for ensuring compliance with anti-money laundering laws. They monitor in real time the profiles of the clients of the platform, the lists of the sanctions of OFAC (Office of Foreign Assets Control)cash flows into and out of their platform, etc.
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Are cryptocurrencies the worst way to cheat?
As the remember Nexo on Twitter, cryptocurrency is far from the ideal way to defraud. And the bad guys get it. Because on the blockchain everything leaves a trace. The Web site chain analysis typically allows you to trace the origin of any cryptocurrency deposits made to Nexo.
“We are able to know their history and trace the addresses to which they are then sent. »
Much less obvious controls with traditional fiat systems such as the euro and the dollar.
“Unfortunately, due to the recent regulatory crackdown on cryptocurrencies, some regulators have recently adopted the strategy of hitting hard first and asking questions later. In corrupt countries, it borders on racketeering. But even that will eventually pass. »
Nexo remembers their desire to do so cooperate with authorities and regulators. The post-bankruptcy situation of FTX has increased the attention of the authorities on the crypto platforms. And, in this tense situation, the slightest suspicion can trigger potentially disproportionate reactions. Nexo is now affected by the collision patches of two worlds that learn to coexist.
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