The authorities in Bulgaria have closed the investigation in opposition to 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 in opposition to Nexo in Bulgaria surfaced earlier this yr with raids on the firm’s Bulgarian places of work. The probe alleged numerous prices, 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.
Nevertheless, 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 prices made in opposition to Nexo and its executives by the Bulgarian Prosecutor’s Workplace, with their affirmation that there have been no crimes, unequivocally reveals 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 outcome,” stated Antoni Trenchev, Co-founder and Managing Companion of Nexo.
Preserve Studying
The Questionable Mannequin of Cry
Nexo primarily gives crypto lending companies, providing rates of interest as excessive as 16 % yearly on crypto deposits. In response to its web site, it has already paid out greater than $200 million in curiosity to over $6 million customers. It additionally gives companies like buying and trade of cryptocurrencies, borrowing in opposition to 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 response to the US authorities, Nexo’s ‘Earn Curiosity Product’ might be labeled 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 in opposition to 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 in opposition to Nexo in Bulgaria surfaced earlier this yr with raids on the firm’s Bulgarian places of work. The probe alleged numerous prices, 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.
Nevertheless, 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 prices made in opposition to Nexo and its executives by the Bulgarian Prosecutor’s Workplace, with their affirmation that there have been no crimes, unequivocally reveals 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 outcome,” stated Antoni Trenchev, Co-founder and Managing Companion of Nexo.
Preserve Studying
The Questionable Mannequin of Cry
Nexo primarily gives crypto lending companies, providing rates of interest as excessive as 16 % yearly on crypto deposits. In response to its web site, it has already paid out greater than $200 million in curiosity to over $6 million customers. It additionally gives companies like buying and trade of cryptocurrencies, borrowing in opposition to 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 response to the US authorities, Nexo’s ‘Earn Curiosity Product’ might be labeled 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.
