Furthermore, the prosecutor’s office stated that more than 3.6 million transactions have gone through Nexo, some of which involving “risky players”.
Nexo has not yet responded to local media’s requests for comment. However, they have posted on Twitter to voice their opposition to the investigation. They also stated that they have taken preventive steps against money laundering.
The company tweeted:
Unfortunately, regulators have adopted the kick first approach to crypto after the crackdown on cryptocurrency. It is dangerously close to racketeering in corrupt countries. But that too will pass.
Kosta Kanchev, Antoni Trenchev founded Nexo in 2017. The company has offices in Great Britain, Switzerland and the USA. It also operates internationally through offshore locations. Although the crypto company isn’t registered in Bulgaria, its operations are managed there.
In September, eight US regulators sued Nexo Group over allegedly failing 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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