The Prosecutor’s Office of the Republic of Bulgaria has concluded that there is no evidence of money laundering, tax crimes, computer fraud or other criminal activity in relation to the crypto lender Nexo. This decision was based on the fact that crypto assets are not seen as financial instruments in the country and are not subject to payment services and systems laws.
In January 2023, the Bulgarian police raided Nexo’s offices, suspecting money laundering and tax violations. Co-founder and managing partner Antoni Trenchev labelled this attack as “absurd”. A few months later, a Nexo user from California sued the firm, claiming that they had been induced to take out loans against digital assets.
In response to the Prosecutor’s Office’s decision, Trenchev stated that it “unequivocally shows that the whole attack on Nexo was political and should not have happened in the first place.” He added that it “goes a long way in clearing our names and is a vindication for all good actors in crypto.”
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