Antoni Trenchev – Co-Founder of the cryptocurrency lending platform Nexo – said the company could sue the Bulgarian government for more than $1 billion for raiding its offices and undermining its reputation.
He also refuted the rumors that members of the entity run an organized criminal group, and commit money laundering and terrorist financing operations.
The clash between Nexo and the Bulgarian authorities escalated after Trenchev vowed to take the dispute to court:“Our consultants estimate the damages at over $1 billion. We were in the process of listing on the American stock exchange, and now it has to be postponed because of the reputational damage that was done to us.”
The executive claimed the actions of the Bulgarian prosecutors to raid the offices in the capital Sofia were “absurd, unnecessary, and a large part of them – illegal.”
Despite the confrontation, Trenchev assured that the crypto lender still has a solid base of five million customers and processes millions of transactions every day. Apart from its issues in Bulgaria, Nexo recently agreed to pay $45 million in penalties to the US SEC and the NASAA over allegations that it offered crypto lending products without complying with the necessary regulations.
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