Bulgaria closes investigation into Nexo citing no legal exercise

• Bulgarian prosecutors have ended the legal investigations into crypto lender Nexo.
• A report printed on Friday stated authorities had discovered no proof of cash laundering and tax offences towards Nexo and 4 of its executives.

The Bulgarian Prosecutor’s Workplace closed its legal investigations towards crypto lender Nexo and 4 of its executives, a neighborhood information company reported on Friday.

Based on the report, prosecutors discovered no proof of legal exercise on the a part of Nexo and the 4 executives Kosta Kanchev, Antoni Trenchev, Kalin Metodiev and Trayan Nikolov. Tax and pc fraud fees towards the defendants have additionally been dropped.

Bulgaria police raided Nexo places of work in January this yr, with authorities alleging potential legal exercise in relation to cash laundering, tax offences and unauthorised banking actions. However the prosecution has concluded that Nexo’s merchandise “don’t represent monetary devices.”

The platform’s companies and merchandise supplied to prospects are subsequently not funding companies.

The submit Bulgaria closes investigation into Nexo citing no legal exercise appeared first on CoinJournal.