CEO of Romania’s largest crypto exchange Coinflux was reportedly arrested on a warrant from the U.S. for fraud, organized crime, and money laundering

CoinFlux, the cryptocurrency exchange that boasts as the largest in Romania is facing serious issues as the CEO got arrested, which is followed by the freeze of their bank accounts.

Romania-based cryptocurrency exchange just received a bad news as their CEO, Vlad Nistor was arrested by the country’s authorities.

Nistor, who’s the son of the second largest bank in the country, Banca Transylvania’s co-founder, was arrested for various allegations, such as financial fraud, money laundering, and computer fraud.

Following the arrest on Tuesday, CoinFlux’s bank accounts were frozen, which also omitted their capabilities to perform any transactions, including those related to the customers’ funds.

Twenty-four hours after the incident, the company released an official update via their official Twitter account that stated, “We are in the unpleasant situation to temporarily stop any digital currency exchanges.”

The exchange also posted on their Medium account explaining the situation that they’re currently facing and assuring the customers that the company “will do everything that’s up to us to fix this unfair situation.”

Aside from the bank account, the exchange that boasts to have served more than 19,000 customers globally with over $200 million Euros turnover since 2015 also said that they have lost access to “some parts of the platform”, including email and website.

Moreover, CoinFlux promised an update as they expect to regain control within the next few days.

Despite the allegations from the local media that the arrest violated the Romanian law, which was denied by the authorities, Nistor is currently waiting for an extradition to the US as his arrest was conducted on the country’s warrant, as reported by Cryptoground.

Also read: Major U.S. crypto exchange Coinbase has introduced free of charge cash withdrawals to online payment system PayPal