Summary
Bulgaria has concluded its investigation into crypto company Nexo, finding no evidence of criminal activity. The company was initially probed for alleged financial crimes, but the prosecutor’s office stated that there was no evidence of complicity or money laundering. The office also noted that Bulgaria lacks a legal regime for crypto asset services, and Nexo is not subject to permit or registration requirements. Nexo’s managing partner expressed satisfaction with the result and stated that the attack on Nexo was political. The company recently phased out its US operations due to regulatory uncertainties.
Key Points
1. Bulgaria has concluded its investigation into Nexo, stating that no evidence of criminal activity, including money laundering or illegal banking, was found.
2. The initial probe by Bulgarian officials in January involved raiding Nexo’s offices, suspecting financial crimes such as tax evasion and fraud. However, Nexo claimed that the officials were only inquiring about non-customer-facing operational functions.
3. Nexo’s managing partner, Antoni Trenchev, expressed satisfaction with the dropped charges and criticized the investigation as being politically motivated. Additionally, Nexo phased out its US operations due to regulatory uncertainties and reached a $45 million settlement with the US Securities and Exchange Commission.