Regulation

Bulgarian authorities charge four individuals following raid on Nexo office: Report

Lower than 48 hours after a raid on cryptocurrency lender Nexo’s places of work within the Bulgarian capital of Sofia, prosecutors have reportedly charged 4 folks.

Based on a Jan. 13 report by Bloomberg, authorities charged 4 Bulgarian nationals with forming an organized crime group, which can have included actions associated to cash laundering and unlicensed banking. The nation’s Nationwide Police Service reportedly seized various belongings as a part of the investigation, together with cryptocurrency, money, and computer systems.

Following the Jan. 12 raid, Nexo described prosecutors’ actions as a “kick first, ask questions later” method. The corporate reportedly deliberate to file a lawsuit in search of compensation for damages brought on by police actions, alleging authorities didn’t present a search warrant or establish themselves to Nexo workers.

“We’re at all times cooperating with the related authorities and regulators,” said the lending agency.

George Naydenov, a frontend developer at Nexo’s Sofia workplace, said on LinkedIn: 

“I thank the Bulgarian Prosecutor’s Workplace for making an attempt, after all, in essentially the most incompetent and pathetic manner to remove the work of over 600 folks in Nexo together with me.”

It’s unclear which people and what function they could have held at Nexo had been concerned within the arrests. The lending agency has roughly 600 workers in Sofia.

Associated: California recordsdata order towards Nexo curiosity account, says it’s eighth state to take motion

Based in 2018, Nexo operates an funding platform permitting customers to stake and borrow towards crypto. The corporate has places of work in the UK, Bulgaria, and Switzerland, however reportedly doesn’t provide its companies to Bulgarian residents on account of potential points with the native authorities. In December, Nexo introduced that it deliberate to part out its companies in the USA, citing the shortage of a transparent regulatory-compliant path ahead.



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