NEXO Raided Over Allegedly Evading International Sanctions: Report

Read full article at Coingape.

There is a large-scale international operation going on in Sofia-based Russian company NEXO for alleged financial crimes like fraud, violation of international sanctions violation, and money laundering.

As per reports, Nexo offices in the capital of Bulgaria are being raided by prosecutors from the national security and DANS along with the cooperation of foreign agents. The company is known for trading crypto globally.

Recently, the investors were called into the Bulgarian offices and were asked to invest in Bitcoin and other cryptocurrencies with a promise of high returns. The percentage of the returns which were promised was much higher than the actual profit margin that the national banking firms and institutions provide.

The company is owned by a former parliament member and the son of the formal social minister from the NDSV party.

The raid is based on the suspicion that the Bulgarian office employees were working on the scheme of Ruja Ignatova, who also runs OneCoin. Popularly known as the Queen of Cryptocurrencies in the country, she is among the top 10 FBI wanted list, also wanted by Interpol and Europol. Also read: Australian Open Enters Metaverse, Ditches Decenterland For Roblox

The Russian authorities have been cracking on crypto companies as there were several transactions reported that breached the regulatory law of the U.S., European Union, and Great Britain which is against the trading policies with the Russian banks.

NEXO Tweets To Take Stance

NEXO has taken to its Twitter space to give a clarification on the raid. In its tweet, they mention that the firm has turned down many businesses because they never compromise their values. They have always been a company that strictly follows anti-money laundering approach.

The firm also wrote that they have gone the “extra mile” to adhere to the regulations and provide a good value-based experience to the customers. They also pointed out that when the war broke out they raised money to help the victims. They went on to criticize the authorities saying that they have “adopted the kick first, ask questions later approach.”

Also read: Cathie Wood Bullish On Bitcoin, Investing Heavily In Coinbase And Tesla

The post NEXO Raided Over Allegedly Evading International Sanctions: Report appeared first on CoinGape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Related articles

Chainlink Price Analysis: EMA Resistance Bolster LINK Sellers For $5.5 Breakdown

Read full article at Coingape.The LINK/USDT pair resonating inside a falling wedge pattern is gradually narrowing its price […]

Learn More

Bitcoin price skirts $19.3K amid fear over ‘mother of all rug pulls’

Read full article at News.Bitcoin (BTC) traders lay in wait for fresh volatility on Sep. 29 as […]

Learn More

Coinone will stop withdrawals to unverified external wallets

Read full article at News. The exchange plans to verify users’ names and resident registration details to […]

Learn More