Nexo co-founder Antoni Trenchev mentioned to journalists that he is convinced that the information disclosed during the recent FinCen leak makes crypto industry vulnerable. According to the leak, the world’s leading financial institutions confirmed over $2 trillion “suspicious” transactions — and Deutsche Bank alone confirmed over $1.3 trillion of that amount. Trenchev metioned the following
“The first thing I’m feeling is vindication because like everyone has been saying for years, all that Bitcoin and money laundering in the same breath. We’ve been hearing that from regulators, from politicians, from bankers, from just about anyone. And it turns out that the number one choice for money launderers still is the U.S. dollar and still is the incumbent legacy financial system.”
He is convinced if such activity has been from Coinbase or Nexo, the law enforcement agencies would have visited them next day.
Trenchev also mentioned that the only company that was specified in the Leak with any cryptocurrency ties was OneCoin, and told the following about its owner:
“Her [Ruja Ignatova, OneCoin founder] project had very little to do with crypto, they didn’t even have a blockchain. This is a classic multilevel marketing Ponzi scheme.”
When it comes to bankers, Trenchev believes that bankers have a lot grounds to cover money laundering and other illicit activities as such activities might be very profitable:
“It’s called ‘willful blindness’, like where you know there’s something wrong, but you choose to ignore it. <…> And then, second of all, the sanctions are not that bad. When you look at what happened, hardly anyone from the bankers has been prosecuted criminally for money laundering. And the caveat here is also that once you file a suspicious transaction report, this almost gives you immunity from the rule of law,”