Nexo faces regulatory crackdown in Bulgaria

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Updated January 13, 2023 | Published January 13, 2023

2 mins read

Nexo is facing a full-scale investigation after authorities raided the company’s offices on Thursday.

Crypto lender Nexo is in hot water with Bulgarian authorities who have descended on the company’s offices in Sofia, probing into a litany of charges the company faces.

In a tweet, Nexo dismissed the latest developments as “borderline racketeering” and assured that “this too shall pass”.

The Bulgarian Prosecutor’s Office spokesperson Siika Mileva said that Nexo was being investigated on suspicion of money laundering, computer fraud, tax offenses, and banking without a license.

Mileva was cited by Nova TV, a local broadcaster, as saying that Nexo had processed $94bn worth of cryptocurrency over the past five years and could have aided in the sponsoring of terrorism.

She confirmed that more than 300 people are involved in the operation, which is “unprecedented” in its scale and scope. She argued that Nexo is also being investigated for acting as part of an organized crime group.

Nexo said that the charges against it were trumped up and posted a series of tweets in which it said that it had robust anti-money laundering and know-your-customer practices, arguing that it had been targeted unfairly.

Nexo was defiant and said that the authorities had targeted an entity that is unrelated to the customer-facing operations of the company. The cryptocurrency company called out Bulgaria as one of the most corrupt countries in the European Union.

Nexo is being investigated by no fewer than eight US state regulators at the same time, and the company has had to refocus its efforts outside North America.

Nexo is being sued by a group of investors over what the plaintiffs allege is unfair blocking of withdrawals. The latest inroad with the law does not help with Nexo’s tarnished reputation. The investigation is ongoing.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

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Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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