See More

Cryptocurrency Lender Nexo Hit By Dramatic Raids Across the Bulgarian Capital

1 min
Updated by Josh Adams
Join our Trading Community on Telegram

In Brief

  • More than 15 raids took place across the Bulgarian capital of Sofia on Thursday.
  • The company is being investigated on suspicion of money laundering, tax offenses, banking without a license, and computer fraud.
  • Nexo has hit back hard, referring to Bulgarian authorities as corrupt in multiple statements to media.
  • promo

According to Bulgarian media, an international police operation is currently underway against the cryptocurrency lender Nexo. 

More than 15 raids took place this morning in the Bulgarian capital of Sofia. The company is being investigated on suspicion of money laundering, tax offenses, banking without a license, and computer fraud. The local news site, BNT, reported that the company was suspected of violating international sanctions against Russia.

Attorney General Siika Mileva said in a statement:

“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.” 

However, the company has told multiple news sources that it was facing backlash for its pro-Ukraine stance. In Bulgaria, unlike most of Europe, the invasion of Ukraine has divided opinion. 

Nexo Hits Back And Points To Bulgarian Corruption

In a thread on Twitter, Nexo said it is cooperating with relevant authorities and regulators. The firm restated that it has strict anti-money laundering (AML) and know-your-customer (KYC) policies and implied the actions of the Bulgarian Prosecutor’s Office were unfair. They implied that these actions are, in part, due to Bulgaria’s status as the most corrupt country in the EU.

The company claimed it had “30+ AML compliance officers who ensure that we retain a real-time picture of our clients, which includes adverse media publications, OFAC sanctions lists, and source & flow of funds.” There is suspicion that some of Nexo’s Bulgarian employees were working with infamous crypto criminal Ruja Ignatova. The “Queen of Cryptocurrencies,” is wanted by Interpol, Europol, and the FBI.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2298.png
Josh Adams
Josh is a reporter at BeInCrypto. He first worked as a journalist over a decade ago, initially covering music before moving into politics and current affairs. Josh first owned Bitcoin in 2014 and has followed the space ever since. He is particularly interested in Web3 adoption, policy and regulation, CBDCs, privacy, and the future of the metaverse.
READ FULL BIO
Sponsored
Sponsored