Nexo CEO says $2 billion in fraud reported by banks to FinCEN is “vindication”

Nexo co-founder Antoni Trenchev said the BuzzFeed report revealing $2 billion in fraudulent charges reported by banks to FinCEN vindicates the crypto industry.

Nexo CEO says $2 billion in fraud reported by banks to FinCEN is “vindication”

Crypto bank Nexo co-founder Antoni Trenchev said he believes the lengthy BuzzFeed report vindicates the crypto industry in comparison. Since 2011, central banks Deutsche Bank, JPMorgan Chase, Bank of America, and Bank of New York Mellon have reported  $2 trillion in Suspicious Activity Reports (SARs) to FinCEN, and Deutsche Bank cleared $1.3 trillion by themselves. This leak of thousands of fraudulent charges through banks filed with financial regulators show the widespread nature of illicit money flows in banks.

Cointelegraph (Sept 26, 2020)