The authorities in Bulgaria have closed the investigation towards crypto lending platform Nexo, citing an absence of proof to help the allegations. As confirmed yesterday (Friday) by the Bulgarian Information Company, the Prosecutor’s Workplace highlighted that cryptocurrencies will not be 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 numerous expenses, together with tax offenses, banking with out a license, cash laundering, and laptop fraud. The investigation was targeted on 4 Nexo executives – Kosta Kanchev, Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov.
Nonetheless, the prosecutor discovered no proof of cash laundering, tax, or laptop fraud. Additional, they may not set up that the platform carried out banking actions with out 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 exhibits that the entire assault on Nexo was political and shouldn’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,” mentioned Antoni Trenchev, Co-founder and Managing Accomplice of Nexo.
The Questionable Mannequin of Cry
Nexo primarily supplies crypto lending companies, providing rates of interest as excessive as 16 % 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 companies like buying and alternate of cryptocurrencies, borrowing towards crypto deposits, and a fee card.
The platform has already settled with the federal and state regulators in the US, paying a complete sum of $46.5 million. In keeping with the US authorities, Nexo’s ‘Earn Curiosity Product’ might be categorised 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 outdoors the nation.
The authorities in Bulgaria have closed the investigation towards crypto lending platform Nexo, citing an absence of proof to help the allegations. As confirmed yesterday (Friday) by the Bulgarian Information Company, the Prosecutor’s Workplace highlighted that cryptocurrencies will not be 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 numerous expenses, together with tax offenses, banking with out a license, cash laundering, and laptop fraud. The investigation was targeted on 4 Nexo executives – Kosta Kanchev, Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov.
Nonetheless, the prosecutor discovered no proof of cash laundering, tax, or laptop fraud. Additional, they may not set up that the platform carried out banking actions with out 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 exhibits that the entire assault on Nexo was political and shouldn’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,” mentioned Antoni Trenchev, Co-founder and Managing Accomplice of Nexo.
The Questionable Mannequin of Cry
Nexo primarily supplies crypto lending companies, providing rates of interest as excessive as 16 % 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 companies like buying and alternate of cryptocurrencies, borrowing towards crypto deposits, and a fee card.
The platform has already settled with the federal and state regulators in the US, paying a complete sum of $46.5 million. In keeping with the US authorities, Nexo’s ‘Earn Curiosity Product’ might be categorised 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 outdoors the nation.