Bulgarian Prosecutor Closes Case Towards Nexo For Lack of Proof

• The Bulgarian Prosecutor’s Workplace has closed its investigation into Nexo.
• In accordance with reviews, the case in opposition to Nexo was closed as a result of lack of proof.
• In January 2023, the prosecutor alleged that Nexo defaulted in tax-related offenses, banking with no license, and pc fraud.

In accordance with reviews, the Bulgarian Prosecutor’s Workplace has closed its investigation into Nexo, a famend crypto lender working in centralized finance (CeFi), over lack of proof. Final Friday, the Bulgarian Information Company reported that Nexo has not been discovered responsible of cash laundering, tax offenses, or different legal actions.

The Bulgarian Prosecutor’s Workplace launched a probe into Nexo’s actions in January 2023, alleging that the crypto lender defaulted in tax-related offenses, banking with no license, and pc fraud. The prosecutor targeted its searchlight on 4 Nexo executives, together with Kosta Kanchev, Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov.

Nexo’s investigation adopted the notorious FTX collapse and several other different bitter tales that engulfed the crypto business in 2022. Nonetheless, after a number of months of investigation, Nexo acquired a clear invoice of well being from the Bulgarian authorities, who’ve stated “no proof of tax offenses or pc fraud was discovered in opposition to the defendants, both.” 

Nexo’s co-founder, Antoni Trechev, believes the assault in opposition to his firm was politically motivated. In accordance with reviews, Trechev stated that the dropping of all fees made in opposition to Nexo and its executives by the Bulgarian Prosecutor’s Workplace, with their affirmation that there have been no crimes, unequivocally exhibits that the entire assault on Nexo was political. He believes the investigation mustn’t have occurred within the first place.

Moreover, Trechev famous that the prosecutor’s proclamation of Nexo’s innocence goes a great distance in clearing the crypto lender’s title and people of its executives. He additionally sees it as a vindication for all good actors throughout the cryptocurrency business.

The prosecutor accused Nexo’s 4 executives of collaborating in an organized legal group established for a self-serving function between 2018 and 2023. It additional accused Kanchev and Trenchev of finishing up banking transactions on their accounts by way of the web platform “Nexo” between June 2018 and January 2023 with out authorization underneath the Credit score Establishments Act.