Nexo co-founder Antoni Trenchev informed Cointelegraph that he believes the data revealed in the course of the current FinCen leak vindicates the crypto trade. In accordance with the leak, the world’s main monetary establishments cleared over $2 trillion “suspicious” transactions — and Deutsche Financial institution alone cleared over $1.3 trillion of that quantity. Trenchev mentioned:

“The very first thing I am feeling is vindication as a result of like everybody has been saying for years, all that Bitcoin and cash laundering in the identical breath. We have been listening to that from regulators, from politicians, from bankers, from nearly anybody. And it seems that the primary selection for cash launderers nonetheless is the U.S. greenback and nonetheless is the incumbent legacy monetary system.”

Had such a degree of exercise come from Coinbase or Nexo, he agreed that regulation enforcement would have paid them a go to the very subsequent day, saying “Yeah, it is a horrible double normal.”

Trenchev additionally emphasised the truth that the one firm that was talked about within the Leak with any cryptocurrency ties was OneCoin, and even that was a stretch, in his opinion:

“Her [Ruja Ignatova, OneCoin founder] venture had little or no to do with crypto, they did not also have a blockchain. It is a traditional multilevel advertising and marketing Ponzi scheme.”

In terms of bankers, Trenchev believes that there’s little motivation to curtail cash laundering and different illicit actions, because the punishment appears to be slightly forgiving. In actual fact, such actions might be extremely profitable:

“It is referred to as ‘willful blindness’, like the place there’s one thing improper, however you select to disregard it. <…> After which, second of all, the sanctions should not that unhealthy. If you have a look at what occurred, hardly anybody from the bankers has been prosecuted criminally for cash laundering. And the caveat right here can be that when you file a suspicious transaction report, this nearly offers you immunity from the rule of regulation,”

Nexo additionally information “numerous suspicious exercise experiences” with related regulators world wide. Trenchev mentioned that roughly 4% of Nexo’s transactions get flagged. The corporate can be compelled to adjust to the U.S. sanctions and blacklist international locations like Iran, Venezuela, and North Korea,

Although it’s unclear if the publicity generated by the Leak will result in investigations and prosecutions, lots of the implicated banks have been punished by the market.