Bulgaria closes investigation into Nexo citing no criminal activity

  • Bulgarian prosecutors have ended the criminal investigations into crypto lender Nexo.
  • A report published on Friday said authorities had found no evidence of money laundering and tax offences against Nexo and four of its executives.

The Bulgarian Prosecutor’s Office closed its criminal investigations against crypto lender Nexo and four of its executives, a local news agency reported on Friday.

According to the report, prosecutors found no evidence of criminal activity on the part of Nexo and the four executives Kosta Kanchev, Antoni Trenchev, Kalin Metodiev and Trayan Nikolov. Tax and computer fraud charges against the defendants have also been dropped.

Bulgaria police raided Nexo offices in January this year, with authorities alleging potential criminal activity in relation to money laundering, tax offences and unauthorised banking activities. But the prosecution has concluded that Nexo’s products “do not constitute financial instruments.”

The platform’s services and products offered to customers are therefore not investment services.

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