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Bulgaria charges Nexo cryptobank with financial fraud

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Furthermore, the prosecutor’s office stated that more than 3.6 million transactions have gone through Nexo, some of which involving “risky players”.

Nexo did not reply to local media’s requests for comment but posted on Twitter in support of the investigation. Nexo also claimed that they have taken preventive actions against money laundering.

The company tweeted this:

Some regulators have adopted the kick first approach to crypto regulation, despite the crackdown on crypto. This approach is not recommended in corrupt countries. However, it will be rescinded if necessary.

Kosta Kanchev, Antoni Trenchev founded Nexo in 2017. The company is based in the United Kingdom, Switzerland, America and other offshore locations. The crypto company has not been registered in Bulgaria but it is managed from there.

Eight US state regulators brought lawsuits against Nexo Group in September over alleged failure to register its Earn Income Product. New York, California. Kentucky, Maryland. Oklahoma, South Carolina. Washington, and Vermont ordered Nexo Group not to offer deposit products within their respective territories.

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