October 27 (SeeNews) - The Bulgarian National Bank (BNB) said on Thursday it declined to grant local brokerage company Varchev Exchange a licence to operate as a payment institution because it had submitted incomplete or contradictory information.
Furthermore, the company failed to submit the information and documents which the central bank additionally requested, BNB said in a statement.
Varchev Exchange is fully owned by local businessman Biser Varchev, according to data in the Commercial Registry.