Bulgarian Prosecutor’s Office Ends Investigation
The Bulgarian Prosecutor’s Office has concluded its investigation into crypto lender Nexo and found no evidence of wrongdoing or criminal activities. The office also stated that there were no tax offenses or computer fraud committed by the defendants. The investigation began after authorities claimed to have evidence of illegal activities by a Nexo user. However, the prosecutor’s office determined that no criminal activity took place. The decision to drop the charges was based on the fact that cryptocurrencies are not considered financial instruments in Bulgaria and fall outside of payment service laws.
Charges Politically Motivated
Nexo co-founder Antoni Trenchev believes the charges brought against the company were politically motivated and should not have been filed. He sees the dropping of the charges as a vindication for the legitimate actors in the crypto industry. Trenchev is pleased with the outcome and hopes it clears their names from any suspicion.
The Nexo Raid
In January, Bulgarian authorities raided Nexo’s office on suspicion of money laundering and tax violations. Nexo cooperated with the authorities but criticized their actions as unfair targeting. The company stated that it already had strict anti-money laundering and know-your-customer regulations in place and had done nothing wrong.
Hot Take: Bulgarian Prosecutor Drops Charges Against Nexo
The Bulgarian Prosecutor’s Office has officially ended its investigation into crypto lender Nexo, stating a lack of evidence of any criminal activities. This decision comes after authorities initially claimed to have evidence against a Nexo user for illegal activities. Nexo’s co-founder views this as a political attack against the company and believes that their names have been cleared with the dropping of all charges. This outcome serves as a vindication for the legitimate actors in the crypto industry. Nexo had faced allegations of money laundering and tax violations, but the prosecutor’s office found no evidence to support these claims.
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