The Russian company NEXO, which is based in Sofia, is the target of a large-scale international operation for alleged financial crimes like fraud, breaking international sanctions, and laundering money.
Offices in Sofia
Its offices in Sofia, Bulgaria’s capital, are being searched by prosecutors from the national security and DANS, with help from foreign agents. The company is known around the world for trading in crypto.
Offices in Bulgaria
Recently, investors were called to offices in Bulgaria and told that they could make a lot of money by investing in Bitcoin and other cryptocurrencies. The percentage of returns that was promised was much higher than the actual profit margin that national banking firms and institutions provide.
Ruja Ignatova Plan
The Bulgarian office workers were thought to be working on a plan by Ruja Ignatova, who also runs OneCoin. This led to the raid. In the country, she is known as the “Queen of Cryptocurrencies,” and she is on the top 10 list of people the FBI wants to catch. Interpol and Europol also want to catch her. The company is owned by a former member of parliament and the son of the former NDSV party social minister.
Cracking down on crypto companies
The Russian government has been cracking down on crypto companies because there have been a number of transactions that broke U.S., EU, and UK regulations, which is against the rules for trading with Russian banks.
NEXO Tweets to State Their Position
NEXO has taken to Twitter to explain what happened during the raid. In its tweet, the company says that it has turned down a lot of business because it won’t give up its values. They have always been a company that takes money laundering very seriously.
The company also said that they had gone the “extra mile” to follow the rules and give customers a good value-based experience. They also said that when the war started, they raised money to help the people who were hurt. They went on to criticise the authorities, saying that they had taken the “kick first, ask questions later” approach.
Source: Google Trend