Nexo Cleared Of Money Laundering Charges In Bulgaria

The Bulgarian Prosecutor’s Recount of job has dropped the overall allegations in opposition to Nexo, a crypto lending platform, and its executives, asserting there used to be no proof of prison process. In accordance to a file by the Bulgarian Info Agency on Friday, Nexo has been cleared of cash laundering prices by the Bulgarian Prosecutor’s Recount of job.

The investigation, which started in January 2023, moreover accused Nexo and 4 of its executives – Kosta Kanchev, Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov – of tax offenses, banking without a license, and computer fraud.

On the substitute hand, the prosecutors came upon no proof of these crimes in opposition to the defendants or their merchandise. They moreover concluded that Nexo’s merchandise attain no longer qualify as financial instruments. The prosecutors stated they closed the investigation attributable to lack of proof and did not uncover any political motive within the abet of it.

Nexo co-founder Antoni Trechev welcomed the data and stated it used to be a vindication for all upright actors in crypto. He moreover stated that it showed that the attack on the platform used to be political and would possibly perchance possible well well fair no longer contain came about within the first region.

Nexo’s Compliance Challenges

Nexo is even handed one of the significant main crypto lending platforms in Europe and gives assorted merchandise corresponding to curiosity-bearing accounts, stablecoins, loans, and debit playing cards. It claims to contain over 4 million users and over $15 billion in property beneath management.

The platform has faced several challenges from regulators in assorted jurisdictions over its compliance with anti-money laundering (AML) and know-your-customer (KYC) suggestions. It has moreover been focused on controversies in relation to its lending charges and terms.

Nexo just is just not any longer primarily the most involving crypto firm that has faced upright troubles no longer too long within the past. In November 2022, FTX, regarded as one of a truly mighty crypto exchanges on the earth, collapsed after losing billions of bucks attributable to a huge hack. Numerous assorted crypto companies moreover went bankrupt or shut down for the period of the latter half of of 2022 attributable to regulatory tension or market volatility.

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