Crypto lending platform Nexo’s Bulgarian offices have been raided by local police as authorities carry out investigations into suspected money laundering and tax violations.
Police are investigating a Bulgarian entity that’s not client facing but has operational functions including payroll and customer support, according to a Nexo spokesperson.
“The allegation are absurd — we are one of the most stringent entities with regards to KYC/AML,” Nexo co-founder and managing partner Antoni Trenchev said in a statement.
More than 300 police officers, prosecutors and national security agents are involved in the operation, according to a report by Bloomberg, citing comments from Siyka Mileva, a spokesperson for Bulgaria’s chief prosecutors. Nexo, which is based in London, is suspected of money laundering, tax crimes and offences involving unlicensed banking activities, Mileva told reporters.
Nexo has been locked in discussions to buy out rival lender Vauld in recent weeks. Vauld rejected Nexo’s latest bid, raising questions about the company’s solvency in the process.
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Source: https://www.theblock.co/post/201454/nexos-bulgaria-office-raided-by-police?utm_source=rss&utm_medium=rss