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The chief executive of the largest Romanian cryptocurrency Coinflux was arrested on behalf of the United States for fraud, organized crime and money laundering, reported Mediafax on 13 December. Coinflux subsequently interrupted all digital currency exchanges.
Founded in 2015 in the Romanian city of Cluj, Coinflux is an online digital currency trading platform, with over 200 million euros of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP) in transactions.
Vlad Nistor, CEO and founder of Coinflux, was allegedly arrested on the territory of Romania at the request of US prosecutors. Nistor is accused of alleged fraudulent activity, organized crime and money laundering. The issue of Nistor's extradition to the United States will be reported by the Court of Appeal of Bucharest.
Following the alleged arrest, Coinflux published an announcement stating that the exchange temporarily suspended all digital currency exchanges, while the company's bank accounts were frozen. Coinflux states that the ongoing investigation has also limited its access to certain parts of the platform.
In July 2018, the Romanian Ministry of Finance published a draft emergency ordinance, which regulates the issue of electronic money (electronic money). According to the document, any legal entity wishing to issue electronic money must have a share capital of not less than € 350,000 ($ 395,000), while its members are subject to the approval of the Romanian National Bank (BNR).
While the first Bitcoin ATMs in the country appeared in 2014, the Romanian authorities took about three years to present a broader commentary on cryptocurrencies. In 2017, Ilan Laufer, Minister for the Environment, Trade and Entrepreneurship of Romania, expressed his confidence in cryptocurrencies, but specified that the area should be officially regulated.
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