Bulgaria Closes Probe Into Crypto Lender Nexo, No Criminal Activity Found


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.”

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

This article is for informational purposes only and should not be used as legal, tax, investment, financial, or other advice. ©2023 The Block. All Rights Reserved.

Related articles

Recent articles