After the implosion of Celsius and BlockFi, many speculators looked to their competitors to see how they were faring, and in the case of the Nexo there have been further charges of criminality. Antoni Trenchev of Nexo has now hit back at claims that the company has been money laundering.

It is worth noting that unlike the other companies, Nexo has managed to remain fully operational throughout the bear market, and hasn’t frozen withdrawals.

Nexo’s offices raided in Bulgaria for alleged money laundering

Allegations against Nexo come from as early as July of 22, when the Twitter user @otteeroooo launched an exposé into the company and the way that they were using their finances.

However, it wasn’t until early this year that Nexo’s offices were raided in the Bulgarian capital of Sofia.

Nexo CEO Antoni Trenchev says claims are ludicrous

The Nexo CEO Antoni Trenchev has stated that the claims made about Nexo’s money laundering are absolutely ridiculous.

He did agree to pay a fine of $22.5m to the SEC for Nexo’s interest products, since they were deemed to constitute a security and not having gone through the appropriate legal requirements

However, he has consistently denied that Nexo has ever conducted any intentional legal wrongdoing, and has stated on numerous occasions that the charges against them are fictitious.

How is Nexo still operational?

The team at Nexo recognise that they don’t want to fall into the same pitfalls as BlockFi and Celsius, and will undoubtedly have therefore taken a somewhat more considered approach to their investment theses.

Another reason that the company is still operational is because they are still attracting a lot more capital from rookie crypto investors who remain unfamiliar with the importance of self custody.

Despite warning people about self custody and the importance of decentralisation, the team at Bankless (one of the largest media companies on Youtube for crypto) has allegedly signed a sponsorship deal with Nexo that nets the company $250k a month.

This means that the company is always able to continue onboarding new users to their platform, regardless of the company’s fundamentals.

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