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Bulgarian Authorities Raid Nexo Offices Amid Money Laundering Investigations

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Police Raid Nexo

Reports have emerged that the offices of crypto lender Nexo have been raided by Bulgarian authorities. The Switzerland-based company has been the subject of liquidity rumors for a few months now, but according to the reports, the cryptocurrency company is being investigated for something much more sinister.

Bulgarian Authorities Move In On Nexo

In what is said to be part of an ongoing investigation, Bulgarian authorities have moved in on Nexo offices in the country. The crypto company, which is currently being investigated for financial crimes such as money laundering saw significant police presence in its offices on Thursday.

The company had first come under the radar of authorities for allegedly circumventing Russian sanctions. Additionally, it is suspected that the founders of the company had misappropriated user funds, and are said to be involved in financial crimes. 

Nexo, which promised yield on all deposited bitcoin and cryptocurrencies operates primarily out of its Bulgarian offices. The raid was carried out by the Prosecutor’s Office and the Ministry of Internal Affairs as part of the ongoing investigation. 

Images of Bulgarian officials at Nexo office | Source: Twitter

The New York prosecutor’s office has previously sued the company because it circumvented Russian sanctions placed by the United States, as well as sanctions from the United Kingdom and the European Union. Nexo has also been under an international investigation for a few months now.

Silka Mileva, an official spokesperson for Bulgaria’s Attorney General, said:

Currently, there are actions to investigate and question witnesses at the National Investigation Service. On the territory of the capital, there are massive actions to investigate, with aim of neutralizing the illegal and criminal activity of the crypto bank Nexo. This bank has created and maintains a multinational platform for trade and lending cryptocurrency. Pre-trial proceedings have been filed, alleging that the main organizers of the activity are Bulgarian citizens and its main activity is carried out from the territory of Bulgaria.

The task force working on the Nexo case consists of over 300 agents, according to Mileva, and the company is accused of running an organized crime group to carry out financial crimes.

Nexo responded to the raid after images of the raid went viral on social media, saying that the company maintains “very stringent anti-money laundering and know-your-customer policies.”

“We are always cooperating with the relevant authorities and regulators, and we are hopeful that we will have some exciting news in the weeks to come,” the company said.

Nexo token price chart from TradingView.com

Token price falls to $0.72 | Source: NEXOUSD on TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Motorandwheels, chart from TradingView.com

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BitPay Announces Partnership With MoonPay – Bitcoin Magazine

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Bitcoin And Artificial Intelligence Frees Your Time - Bitcoin Magazine


BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”

“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”


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Why Real Regulatory Change In Crypto Has Not Happened

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Why Real Regulatory Change In Crypto Has Not Happened



Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.


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South Korea to deploy cryptocurrency tracking system in 2023

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South Korea to deploy cryptocurrency tracking system in 2023


The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:

“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report

The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.

“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.


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