The Judiciary arm of Romanian Government has made a decision to extradite Vlad Nistor, the founder and Chief Executive Officer of Coinflux, one of the country’s top virtual currency exchanges, to the authorities of the United States.
Vlad is Getting Extradited
Recently, Vlad was arrested and he was charged with several allegations which include the transfer and laundering of illegal funds through his digital asset trading platform.
In December 2018, Vlad Nistor was placed in custody by the Romanian law enforcement officials and Secret Service agents in Cluj, where his crypto business is situated. He was however granted bail by the Court of Appeal in Bucharest but on the basis that he was not allowed to leave the city. Also in December, he submitted an appeal against the United States extradition request but his objections were thrown out by the court.
Based on a recent report, the highest judicial authority in Romanian, the High Court of Cassation and Justice have also shown its support for the decision to transfer Nistor into the U.S. custody where he is wanted for his involvement in crimes committed by other Romanian nationals.
Recently, Anatol Pânzaru, lawyer to the defendant raised an objection against the extradition and argued that the conditions of the agreement on judicial cooperation between Romania and the U.S. have not been met. He is of the belief that his employer was wrongly accused of crimes committed in the United States and not in Romania as the American side claims, in which he was not involved directly. He explained that the fraudsters initially converted their earnings to bitcoin within the U.S. and that’s where the actual money laundering took place. He then insisted that his client had no way of knowing that funds were illegal.
Coinflux Was Not Created to Launder Money
Also, while giving his statement in court the CEO made it known that he created the trading platform after working in the financial sector for seven years and that when one is trying to grow a business, you don’t do so in order to commit crimes as it reduces the business’s worth.
According to its records, since the exchange establishment in 2015, the exchange has traded virtual currencies worth over 229 million dollars, processed over 203,000 transactions.