Bulgarian Authorities Raid Nexo Offices Amid Money Laundering Investigations

Reports have emerged that the offices of crypto lender Nexo have been raided by Bulgarian authorities. The Switzerland-based company has been the topic of liquidity rumors for a couple of months now, but in response to the reports, the cryptocurrency company is being investigated for something far more sinister.

Bulgarian Authorities Move In On Nexo

In what is alleged to be a part of an ongoing investigation, Bulgarian authorities have moved in on Nexo offices within the country. The crypto company, which is currently being investigated for financial crimes corresponding to money laundering saw significant police presence in its offices on Thursday.

The corporate had first come under the radar of authorities for allegedly circumventing Russian sanctions. Moreover, it’s suspected that the founders of the corporate had misappropriated user funds, and are said to be involved in financial crimes. 

Nexo, which promised yield on all deposited bitcoin and cryptocurrencies operates primarily out of its Bulgarian offices. The raid was carried out by the Prosecutor’s Office and the Ministry of Internal Affairs as a part of the continued investigation. 

Images of Bulgarian officials at Nexo office | Source: Twitter

The Latest York prosecutor’s office has previously sued the corporate since it circumvented Russian sanctions placed by the USA, in addition to sanctions from the UK and the European Union. Nexo has also been under a world investigation for a couple of months now.

Silka Mileva, an official spokesperson for Bulgaria’s Attorney General, said:

Currently, there are actions to analyze and query witnesses on the National Investigation Service. On the territory of the capital, there are massive actions to analyze, with aim of neutralizing the illegal and criminal activity of the crypto bank Nexo. This bank has created and maintains a multinational platform for trade and lending cryptocurrency. Pre-trial proceedings have been filed, alleging that the fundamental organizers of the activity are Bulgarian residents and its fundamental activity is carried out from the territory of Bulgaria.

The duty force working on the Nexo case consists of over 300 agents, in response to Mileva, and the corporate is accused of running an organized crime group to perform financial crimes.

Nexo responded to the raid after images of the raid went viral on social media, saying that the corporate maintains “very stringent anti-money laundering and know-your-customer policies.”

“We’re at all times cooperating with the relevant authorities and regulators, and we’re hopeful that we are going to have some exciting news within the weeks to come back,” the corporate said.

Nexo token price chart from TradingView.com

Token price falls to $0.72 | Source: NEXOUSD on TradingView.com
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