Nexo's Money Laundering Case Solved: No Evidence Found, Says Bulgaria Report

• Bulgarian Prosecutor's Office Closes Investigation into Cryptocurrency Lender Nexo
• The Investigation into Nexo
• The Impact of Cryptocurrency Activities in 2023
• Bulgarian Authorities' Findings
• Reactions to the Investigation Closure

Bulgarian Prosecutor's Office Closes Investigation into Cryptocurrency Lender Nexo

Bulgarian News Agency has reported that the investigation into Nexo, a cryptocurrency lender, has been closed by the Bulgarian Prosecutor's Office. The investigation had initially been launched due to allegations of money laundering activities. However, the probe has been dropped due to lack of evidence supporting criminal activities.

The Investigation into Nexo

The investigation into Nexo surfaced in January 2023 with allegations not only on money laundering but also on charges such as tax offenses, banking without a license, and computer fraud. The focus was primarily on four key executives: Kosta Kanchev, Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov.

The Impact of Cryptocurrency Activities in 2023

The year witnessed a larger crackdown on cryptocurrency-related activities, prompted by incidences such as the crash of exchange FTX$3.28 -5.38% and the swift downfall of several other cryptocurrency firms in the latter part of 2022.

Bulgarian Authorities' Findings

According to the official report, Bulgarian authorities could not find any evidence of criminal activities related to the defendants. The report further clarified that there were no tax offenses or computer fraud cases against the defendants. Furthermore, the products offered by Nexo were not considered as financial instruments as per the Prosecutor's findings.

Reactions to the Investigation Closure

With the Bulgarian Prosecutor's Office dropping all charges against Nexo and its executives, and asserting lack of any criminal activities, Nexo has expressed that the allegations were politically driven and baseless. Antoni Trechev, Nexo co-founder, has stated that this clearing of charges is a major step forward in absolving the company's reputation, and serves as a vindication for all the good actors in the cryptocurrency sector.

Edited by Jonathan Stoker