Bulgarian Authorities Probe NEXO Over Alleged Money Laundering

Cryptocurrency lender, Nexo is reportedly being investigated by authorities in Bulgaria over alleged money laundering and other offenses.

According to the head of Bulgaria’s cybercrime unit, Svetlio Vasilev, authorities traced a customer of Nexo suspected to be involved in terrorism funding through cryptocurrency.

“A client of the platform who transferred cryptocurrency has been officially declared an organizer of terrorist activity. It remains to be determined who will be charged with the crimes. More than 15 addresses are being searched, and new persons of interest are being established

On its part, the firm has denied the allegations, saying that it has adhered strictly to the highest regulatory standards.

“Over the years, we have turned down a lot of business because Nexo never makes compromises with regard to our very stringent anti-money laundering and know-your-customer policies. But we have always known that this is how you build a sustainable business.

“Despite being fully automated, Nexo has 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, etc.

“Crypto is actually terrible for illicit purposes – using Chainalysis, for example, we know the history of the asset while it is being deposited and have a good understanding of the address to which it is withdrawn. This is more difficult with fiat and requires other techniques

“Unfortunately, with the recent regulatory crackdown on crypto, some regulators have recently adopted the kick first, ask questions later approach. In corrupt countries, it is bordering with racketeering, but that too shall pass.

“We are always cooperating with the relevant authorities and regulators, and we are hopeful that we will have some exciting news in the weeks to come.” the lender wrote in a Twitter post made on Thursday.



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