Crypto Exchange BKEX Suspends Withdrawals to Aid Money Laundering Probe

Crypto Exchange BKEX Suspends Withdrawals to Aid Money Laundering Probe

The cryptocurrency
exchange BKEX has frozen customer withdrawals on its platform to cooperate with a police investigation into alleged money laundering involving its users’ funds. On Monday, the exchange said it decided to halt withdrawals in order to
aid authorities in collecting evidence.

“The team
will actively work with the relevant authorities to resolve the current issues
faced to ensure that the rights of our users are protected to the greatest
extent possible,” BKEX said in a statement on its blog.

The
exchange assured that it will “do its best to restore the normal operation of
the exchange.” Via the platform, BKEX offers crypto, derivatives and margin
trading features to its users.

According
to CoinMarketCap, BKEX was founded in June 2018
and boasts over 8 million users from in excess of 100 countries in Asia, Europe and Latin
America, among others.

Authorities
Dismiss Case against Nexo

In a
separate development, Bulgarian authorities in January raided
the local offices of the cryptocurrency lending firm, Nexo. Finance Magnates reported that prosecutors launched an
international operation to investigate the exchange for allegedly committing
financial crimes, failing with its anti-money laundering (AML) processes and allowing transactions that violate the
international sanctions against Russia.

Siika Mileva, Bulgaria’s Prosecutor General,
via a spokesperson, alleged that one of the company’s clients is a person
linked to financial terrorism. However, the Sofia City Court found no evidence to support the accusations, Free
Europe reported.

On top of that, Bulgaria’s Financial Supervision
Commission (FSC) noted that Nexo is not licensed to operate in the country and
does not offer its services within the territory. In addition, the National Revenue Agency said
it does not have evidence
of terrorism financing and organized crime group activities or party
financing by Nexo, according to local media Bulgaria On Air.

At the time, Nexo in a Twitter post accused
the prosecutors of adopting “the kick first, ask questions later
approach.” The crypto lender noted that the firm “never compromises” with
its “very stringent” AML and know-your-customer policies.

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This article was written by Solomon Oladipupo at www.financemagnates.com.

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