Police in Romania have detained the founder and CEO of Coinflux, one of the country’s major cryptocurrency exchanges. Vlad Nistor has been arrested on a warrant issued by U.S. authorities accusing him of a number of crimes, including the defrauding of American citizens. A court in Bucharest is currently reviewing the extradition request.
Crypto Entrepreneur Accused of Fraud and Money Laundering
The 29-year-old businessman was apprehended by Romanian policemen and prosecutors earlier this week at his home and office in the city of Cluj. The arrest was conducted in the presence of four U.S. law enforcement agents, local media reported.
According to the publications, Nistor is now awaiting a decision by the Bucharest Court of Appeal regarding his extradition to the United States. In its request, the U.S. Justice Department has accused him of running a fraud scheme, committing computer fraud, leading an organized crime group and money laundering.
Coinflux is one of the largest digital asset trading platforms in Romania. Nistor, a graduate of Brunel University in the U.K., established the bitcoin exchange in December of 2015. He has been described as a professional with seven years of experience in the financial sector, including pension funds where he managed savings worth millions of euros.
According to local news outlet Ştiri de Cluj, the company’s turnover in 2017 was €3.25 million ($3.68 million). Its website claims that the platform has, so far, exchanged over €201 million worth of cryptocurrencies in more than 203,000 transactions for over 19,000 traders.
Coinflux offers its users the opportunity to buy and sell major cryptocurrencies such as bitcoin core (BTC),