- The Bulgarian Prosecutor’s Office has closed its investigation into Nexo.
- According to reports, the case against Nexo was closed due to lack of evidence.
- In January 2023, the prosecutor alleged that Nexo defaulted in tax-related offenses, banking without a license, and computer fraud.
According to reports, the Bulgarian Prosecutor’s Office has closed its investigation into Nexo, a renowned crypto lender operating in centralized finance (CeFi), over lack of evidence. Last Friday, the Bulgarian News Agency reported that Nexo has not been found guilty of money laundering, tax offenses, or other criminal activities.
The Bulgarian Prosecutor’s Office launched a probe into Nexo’s activities in January 2023, alleging that the crypto lender defaulted in tax-related offenses, banking without a license, and computer fraud. The prosecutor focused its searchlight on four Nexo executives, including Kosta Kanchev, Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov.
Nexo’s investigation followed the infamous FTX collapse and several other bitter stories that engulfed the crypto industry in 2022. However, after several months of investigation, Nexo received a clean bill of health from the Bulgarian authorities, who have said “no evidence of tax offenses or computer fraud was found against the defendants, either.”
Nexo’s co-founder, Antoni Trechev, believes the attack against his company was politically motivated. According to reports, Trechev said that the dropping of all charges made against Nexo and its executives by the Bulgarian Prosecutor’s Office, with their confirmation that there were no crimes, unequivocally shows that the whole attack on Nexo was political. He believes the investigation should not have happened in the first place.
Furthermore, Trechev noted that the prosecutor’s proclamation of Nexo’s innocence goes a long way in clearing the crypto lender’s name and those of its executives. He also sees it as a vindication for all good actors within the cryptocurrency industry.
The prosecutor accused Nexo’s four executives of participating in an organized criminal group established for a self-serving purpose between 2018 and 2023. It further accused Kanchev and Trenchev of carrying out banking transactions on their accounts through the online platform “Nexo” between June 2018 and January 2023 without authorization under the Credit Institutions Act.
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