Bulgaria Suspends its Investigation into Nexo

The Bulgarian Prosecutor’s Office has concluded its criminal investigation into the crypto lender Nexo, finding no evidence of money laundering, tax crimes, computer fraud, or other illicit activities.

The decision was based on the fact that crypto assets are not considered financial instruments in Bulgaria and fall outside the regulatory framework for payment services and systems, as stated in an official announcement.

The charges, spanning from 2018 to January 2023, implicated defendants Antoni Trenchev, Kosta Kanchev, Kalin Metodiev, and Trayan Nikolov, accusing them of participating in an organized criminal group.

Nexo’s co-founder and managing partner, Antoni Trenchev, expressed satisfaction with the outcome, stating:

“The dropping of all charges made against Nexo and its executives by the Bulgarian Prosecutor’s Office, with their confirmation that there were no crimes, unequivocally shows that the whole attack on Nexo was political and should not have happened in the first place. It also goes a long way in clearing our names and is a vindication for all good actors in crypto. We are very content with this result.”