Nexo to Sue Bulgarian Government Following Raids on Crypto Lender

• Crypto lender Nexo is planning to sue the Bulgarian government after massive raids at the company’s offices in Sofia.
• Nexo has complained about the actions of the law enforcement authorities in response to the investigation against the firm.
• The company is reportedly preparing to file a lawsuit against the authorities to seek compensation for damages caused by the abrupt police interruption.

Troubled cryptocurrency lender Nexo is taking legal action against the Bulgarian government after its offices in Sofia were raided by law enforcement officers. The raids, which occurred on Jan. 13, have been considered by Nexo to be against the law and have caused the firm to seek compensation for damages.

Nexo has accused the law enforcement officers of displaying “total incompetence” and of engaging in “local Bulgarian arbitrariness” in order to “destroy and loot a prosperous business.” It also claims that the officers didn’t present a search warrant for several hours, and failed to identify themselves.

In response to these allegations, Nexo is now seeking to file a lawsuit against the authorities in order to gain compensation for the damages caused by the raids. The company has also reiterated the fact that it has been compliant with Anti-Money Laundering requirements and sanctions against Russia, in addition to cooperating with major crypto intelligence firms like Chainalysis.

The raids came in response to an investigation against the firm, and have sparked speculation that Nexo has experienced massive outflows. However, the company has denied these reports, claiming instead that the raids were conducted in an illegal manner.

Nexo is a cryptocurrency lender that provides loans and other services using digital assets as collateral. It is one of the leading cryptocurrency companies in the world, and its services are used by a wide range of clients around the world.

The raids at Nexo’s offices in Sofia have caused a great deal of uncertainty within the cryptocurrency industry. It remains to be seen what the outcome of the lawsuit against the Bulgarian government will be, and whether Nexo will be able to receive the compensation it seeks. The case could have far-reaching implications for the cryptocurrency industry, as it may set a precedent for other governments to follow when dealing with similar cases.