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Nexo accuses investigators of being politically motivated: "attacking institutions is a national sport"

While the FTX saga continues to make headlines, last week brought a plethora of new troubles for crypto companies in the United States, Europe and Asia.

The crypto lender claimed that the Cayman Islands Monetary Authority had placed “too much weight” on regulators' enforcement actions in its decision to deny registration.

Key Points: Nexo, a cryptocurrency lending platform, is suing the Cayman Islands government for refusing the company a virtual asset license, according to The Block. Firstly, the Cayman court filing that the Cayman Islands Monetary Authority denied Nexo's application on December 20 because the firm's business model did not match the acceptable risk profile.

Crypto lending platform Nexo is suing the Cayman Islands regulator for denying the firm a virtual asset license. The firm hopes to get the decision reversed, according to a January 13 court filing. The post Nexo sues Cayman Islands regulator over rejected license appeared first on The Block.

The Nexo drama has prompted political tension in Bulgaria after it was revealed that firm employees had donated to one of the parties.

According to a representative for Bulgaria's leading prosecutors, the probe was not motivated by the company's political donations. According to local media, Siika Mileva, a spokesperson for Bulgaria's chief prosecutors, has denied any political intentions for the investigation against the crypto loan firm Nexo.

Prosecutor General spokesperson for Bulgarian police denied any political agenda behind the recent raids on Nexo's office in Bulgaria.

Bulgarian prosecutors claim politics do not drive the inquiry against the crypto trading firm Nexo. According to Siika Mileva, the pre-trial hearings are not focused on any prospective political donations made by the corporation or its connections.

Authorities said attacks on institutions had become a “national sport,” after Nexo accused investigators of being politically motivated.

A spokesperson for Bulgaria's chief prosecutors denied claims that the investigation was prompted by the company's political donations.

From Sam Bankman-Fried's claims of innocence, crypto rebounce, FTX bankruptcy proceedings, Nexo raids, Coinbase layoffs, Gemini and DCG drama, the past week was activity-stuffed.

It has not been that long since Nexo decided to exit the US market, but in recent days the offices of Nexo have been raided in Bulgaria according to multiple reports.

Following the Jan. 12 raid on its Sofia offices, Nexo described prosecutors' actions as a “kick first, ask questions later” approach.

Crypto lender Nexo has been targeted in an investigation into alleged illegal activities, with four Bulgarians charged with money laundering and fraud. 

Crypto lender Nexo says Bulgaria's investigation is "politically motivated" but will not confirm if the arrests involved company employees.

Bulgarian police have raided Nexo's premises on accusations of laundering money, tax evasion, conducting unlicensed banking activities, and computer fraud related to organized crime.

Key Points: On Friday, investigators working into crypto lender Nexo announced that four Bulgarian people had been charged with participating in an organized crime gang for money laundering, tax and computer fraud.

After the offices of crypto lender Nexo were raided in Bulgaria, the digital currency lending platform experienced a significant amount of withdrawals starting Jan. 12, 2023. An archived snapshot of Nexo's real-time attestation shows that the company held 133,263 bitcoin on that day. As of Jan.

Nexo saw $46 million leave its addresses following a reported Bulgarian police raid on its offices.

Investigators looking into crypto lender Nexo on Friday said that four citizens of Bulgaria had been accused of participating in an organised crime group for money laundering as well as tax and computer fraud.

The major crypto lender Nexo has been hit by a tsunami of customer withdrawals after the company's office in Bulgaria was raided by police.

Binance, Nexo, and Gemini are among the crypto firms facing increased scrutiny from regulators.  Despite the potentially market-moving regulatory attention, the market continues to rally with BTC and ETH reaching multi-month highs.

According to reports, the crypto lending giant Nexo is getting ready to sue the Bulgarian authorities in order to seek financial compensation for the damages that were brought by the unexpected disruption from the police. As per information obtained, investigators allegedly waited for hours before providing a search warrant, and inspectors reportedly did not identify The post Just In: Nexo Looks to Sue Bulgaria Over Illegal Office Raids appeared first on CoinGape.