Bulgarian authorities raided the office of crypto lender Nexo, following allegations of money laundering, tax evasion and fraud. Supposedly, the investigations by Bulgarian regulators into Nexo’s operations are part of an international operation. A spokesperson for Nexo called the allegations absurd, as Nexo supposedly has strict « Know-Your-Customer » processes.
Over 15 addresses related to Nexo in Bulgaria have been searched. The crypto lender announced at the beginning of December that it would pull out of the U.S. market, after failing in its discussions with the regulators. The “earn-interest products” were shut down following the announcement.
Nexo was in the process of acquiring its competitor Vauld, which was facing financial difficulties, but the latter has refused a few days ago the crypto lender’s last offer, as it doubts Nexo’s financial solvency.