Romania Detains CEO of Coinflux Crypto Exchange On US Warrant

Romanian police detained Vlad Nistor, CEO of Coinflux, a top crypto exchange operating in the country, on an American warrant that accuses him of running a fraud scheme, organized crime, and money laundering.

According to local media, Nistor was moved to a temporary stay in the Cluj Court of Appeal and will be handed over to the US authorities in the near future.‎ Four agents from the FBI attended the investigation and are pressing to hand over Nistor, and Romania initially appeared willing to comply.

The Bucharest Court of Appeal is reportedly considering the US extradition request for Nistor. The court is scheduled to issue a final ruling tomorrow, following two requests by the US Justice Department.

We are in the unpleasant situation to temporarily stop any digital currency exchanges. For further details, please consider the text belowhttps://t.co/IJHXy6KQkd

— CoinFlux (@CoinFlux) ١٣ ديسمبر ٢٠١٨

Nistor is the founder and CEO of CoinFlux, which was established in 2015 and has recently re-invented its brand and changed its user interface and overall design.

He is a 29-year-old entrepreneur with experience in the financial field, where he managed assets for companies like Aegon, Banca Transilvania or BCR, a member of Erste Group.

CoinFlux facilitates the users to trade Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term with one another and also with fiat currencies. The Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term has suspended its trading services but seems optimistic to restart operations soon.

“Our expectation is that we will gain control back, within the next days. We are aware that this is a worrisome situation for the people who have placed their trust in our service, and we assure each and every one of them that we will do everything that’s up to us to fix this unfair situation,” the company explains on its website.

Nistor’s arrest is the latest in a series of US operations against crypto criminals in Europe, including Alexander Vinnik, an alleged Russian hacker accused of laundering $4 billion of criminal proceeds through BTC-e.