The authorities in Bulgaria have closed the investigation towards crypto lending platform Nexo, citing a scarcity of proof to assist the allegations. As confirmed yesterday (Friday) by the Bulgarian Information Company, the Prosecutor’s Workplace highlighted that cryptocurrencies are usually not regulated, and merchandise supplied by Nexo don’t represent monetary devices.
The investigation towards Nexo in Bulgaria surfaced earlier this yr with raids on the firm’s Bulgarian places of work. The probe alleged numerous expenses, together with tax offenses, banking with no license, cash laundering, and pc fraud. The investigation was centered on 4 Nexo executives – Kosta Kanchev, Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov.
Nonetheless, the prosecutor discovered no proof of cash laundering, tax, or pc fraud. Additional, they may not set up that the platform carried out banking actions with no license.
“The dropping of all expenses made towards 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 and mustn’t have occurred within the first place. It additionally goes a great distance in clearing our names and is a vindication for all good actors in crypto – we’re very content material with this consequence,” mentioned Antoni Trenchev, Co-founder and Managing Associate of Nexo.
The Questionable Mannequin of Cry
Nexo primarily offers crypto lending companies, providing rates of interest as excessive as 16 p.c yearly on crypto deposits. In accordance with its web site, it has already paid out greater than $200 million in curiosity to over $6 million customers. It additionally provides companies like buying and trade of cryptocurrencies, borrowing towards crypto deposits, and a fee card.
The platform has already settled with the federal and state regulators in america, paying a complete sum of $46.5 million. In accordance with the US authorities, Nexo’s ‘Earn Curiosity Product’ may very well be categorized as securities, and the corporate agreed to stop providing the questioned merchandise as part of the settlement.
In the meantime, the Bulgarian authorities identified that Nexo ran on-line within the nation and “in all probability” operated from exterior the nation.
The authorities in Bulgaria have closed the investigation towards crypto lending platform Nexo, citing a scarcity of proof to assist the allegations. As confirmed yesterday (Friday) by the Bulgarian Information Company, the Prosecutor’s Workplace highlighted that cryptocurrencies are usually not regulated, and merchandise supplied by Nexo don’t represent monetary devices.
The investigation towards Nexo in Bulgaria surfaced earlier this yr with raids on the firm’s Bulgarian places of work. The probe alleged numerous expenses, together with tax offenses, banking with no license, cash laundering, and pc fraud. The investigation was centered on 4 Nexo executives – Kosta Kanchev, Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov.
Nonetheless, the prosecutor discovered no proof of cash laundering, tax, or pc fraud. Additional, they may not set up that the platform carried out banking actions with no license.
“The dropping of all expenses made towards 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 and mustn’t have occurred within the first place. It additionally goes a great distance in clearing our names and is a vindication for all good actors in crypto – we’re very content material with this consequence,” mentioned Antoni Trenchev, Co-founder and Managing Associate of Nexo.
The Questionable Mannequin of Cry
Nexo primarily offers crypto lending companies, providing rates of interest as excessive as 16 p.c yearly on crypto deposits. In accordance with its web site, it has already paid out greater than $200 million in curiosity to over $6 million customers. It additionally provides companies like buying and trade of cryptocurrencies, borrowing towards crypto deposits, and a fee card.
The platform has already settled with the federal and state regulators in america, paying a complete sum of $46.5 million. In accordance with the US authorities, Nexo’s ‘Earn Curiosity Product’ may very well be categorized as securities, and the corporate agreed to stop providing the questioned merchandise as part of the settlement.
In the meantime, the Bulgarian authorities identified that Nexo ran on-line within the nation and “in all probability” operated from exterior the nation.
