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Bulgaria Clears Cryptocurrency Lender Nexo of Charges Following Inquiry

Jonathan Wong

Jonathan Wong

22 December 2023

The Republic of Bulgaria's Prosecutor's Office concludes its inquiry into cryptocurrency lender Nexo, dropping criminal charges against the company and its executives. No evidence of tax evasion, money laundering, or other illegal activities was found, with the decision based on cryptocurrency assets not being classified as financial instruments in Bulgaria. The charges against Nexo's executives covered the period from 2018 to January 2023, and co-founder Antoni Trenchev considers the outcome a political attack vindicated.

Following a Bulgarian police incursion and search of Nexo's office in January 2023, the investigation was related to alleged tax infractions and money laundering, which Nexo co-founder Trenchev labeled as "absurd" at the time. The closure of criminal charges now clears Nexo's name and signifies the absence of any wrongdoing, according to Trenchev.

Despite a lawsuit filed by a Californian Nexo user two months later, accusing the company of deceitfully encouraging loans against digital assets, the Bulgarian Prosecutor's Office's decision underscores Nexo's exoneration from criminal allegations and the legitimacy of its operations in the cryptocurrency lending space.

The conclusive outcome represents a victory for Nexo, reinforcing its standing in the crypto industry and dispelling allegations of criminal conduct, ultimately marking the end of a challenging period for the cryptocurrency lending platform.