Cash Laundering Prices towards Nexo in Bulgaria Dropped


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 should not regulated, and merchandise provided by Nexo don’t represent monetary devices.

The investigation towards Nexo in Bulgaria surfaced earlier this yr with raids on the firm’s Bulgarian workplaces. The probe alleged varied expenses, together with tax offenses, banking and not using a 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 might not set up that the platform carried out banking actions and not using a 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 reveals that the entire assault on Nexo was political and mustn’t have occurred within the first place. It additionally goes a good distance in clearing our names and is a vindication for all good actors in crypto – we’re very content material with this end result,” mentioned Antoni Trenchev, Co-founder and Managing Associate of Nexo.

The Questionable Mannequin of Cry

Nexo primarily gives crypto lending providers, providing rates of interest as excessive as 16 p.c yearly on crypto deposits. In keeping with its web site, it has already paid out greater than $200 million in curiosity to over $6 million customers. It additionally presents providers like buying and change of cryptocurrencies, borrowing towards crypto deposits, and a cost card.

The platform has already settled with the federal and state regulators in the USA, paying a complete sum of $46.5 million. In keeping with the US authorities, Nexo’s ‘Earn Curiosity Product’ could possibly 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 “most likely” 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 should not regulated, and merchandise provided by Nexo don’t represent monetary devices.

The investigation towards Nexo in Bulgaria surfaced earlier this yr with raids on the firm’s Bulgarian workplaces. The probe alleged varied expenses, together with tax offenses, banking and not using a 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 might not set up that the platform carried out banking actions and not using a 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 reveals that the entire assault on Nexo was political and mustn’t have occurred within the first place. It additionally goes a good distance in clearing our names and is a vindication for all good actors in crypto – we’re very content material with this end result,” mentioned Antoni Trenchev, Co-founder and Managing Associate of Nexo.

The Questionable Mannequin of Cry

Nexo primarily gives crypto lending providers, providing rates of interest as excessive as 16 p.c yearly on crypto deposits. In keeping with its web site, it has already paid out greater than $200 million in curiosity to over $6 million customers. It additionally presents providers like buying and change of cryptocurrencies, borrowing towards crypto deposits, and a cost card.

The platform has already settled with the federal and state regulators in the USA, paying a complete sum of $46.5 million. In keeping with the US authorities, Nexo’s ‘Earn Curiosity Product’ could possibly 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 “most likely” operated from exterior the nation.

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