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Home»ADOPTION NEWS»Bulgaria has closed its investigation into cryptocurrency lender Nexo, finding no wrongdoing.
ADOPTION NEWS

Bulgaria has closed its investigation into cryptocurrency lender Nexo, finding no wrongdoing.

By Crypto FlexsDecember 23, 20233 Mins Read
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Bulgaria has closed its investigation into cryptocurrency lender Nexo, finding no wrongdoing.
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The Bulgarian Prosecutor’s Office has closed its criminal case against cryptocurrency lender Nexo, finding no evidence of money laundering, tax crimes, computer fraud or other criminal activity.

According to an official statement, the main reason for this decision is that cryptocurrency assets are not considered financial instruments in the country and fall outside the scope of the law on payment services and systems. The charges span from 2018 to January 2023 and alleged that defendants Antoni Trenchev, Kosta Kanchev, Kalin Metodiev and Trayan Nikolov participated in an organized crime group.

“The Bulgarian Prosecutor’s Office’s dismissal of all charges against Nexo and its executives and finding that no crime was committed makes it clear that the entire attack on Nexo was political and should never have happened in the first place,” Nexo co said. -Founder and Managing Partner Antoni Trenchev told The Block.

“This also goes a long way in clearing our name and is a vindication of all the good actors in the cryptocurrency industry,” Trenchev added. “We are very pleased with this result.”

Bulgarian police raid

On January 12, authorities raided Nexo’s Bulgarian offices on suspicion of money laundering and tax violations. At the time, Trenchev called it “absurd.”

Two months later, a Nexo user from California sued the company, claiming that Nexo fraudulently induced users to take out loans for digital assets.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.

Yogita Khatri is a senior reporter at The Block, covering all things cryptocurrency. As one of the original team members, Yogita has been instrumental in breaking countless stories, exclusive articles, and scoops. With nearly 3,000 articles under his belt, Yogita holds the record for being The Block’s most published and most read writer of all time. Before joining The Block, Yogita worked at cryptocurrency publications CoinDesk and The Economic Times, where she wrote about personal finance. To contact her, please send her email: (email protected) To see her latest works, follow her on X @Yogita_Khatri5.
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