Skip to content

Bulgarian Prosecutors Clear Nexo Crypto Lender of Criminal Activity Charges Due to Lack of Evidence

The Acquittal of Crypto Lender Nexo by Bulgarian Authorities

It’s remarkable to note the recent lifting of charges against crypto lender Nexo by the prosecutor’s office in Sofia, Bulgaria’s capital city. Based on their assessments, there was a notable absence of any evidences of crimes being executed. This news echoes further in the context of Bulgarian laws, stating that crypto assets are not considered financial instruments. Consequently, their conduct and trading are free from any regulatory supervision.

Allegations and The Inquiry Progress

Not too long ago, the Republic of Bulgaria’s Prosecutor’s Office initiated the cease of criminal investigation aimed at Nexo. Earlier, the pre-trial sessions launched on the cusp of autumn, last year. With the modus operandi of law enforcement authorities being targeted at possible breaches of money laundering and sanctions by the company.

However, the elaboration provided by the authorities insists on the absence of criminal activities in relation to unapproved banking operations. They also did not find supportive evidence of tax infringements, computer fraud, and money laundering against the defendants. The team of overseeing prosecutors eventually concluded that there were no committed crimes.

The defendants were under charges of being part of an organised crime group, intended for gain, since the two later years of the last decade till early 2023. The online Nexo platform was believed to be used for unlawful banking activities pertaining to loaning and depositing facilities across multiple traditional currencies.

Moreover, an investigation involving witness interrogations, in-depth forensic report, examinations of payment account transactions, and many more were undertaken. Interestingly, the prosecutors found it trivial to invest $500,000 for an expert opinion.

Laws and Cryptocurrency in Bulgaria

The legal stance of cryptocurrency within Bulgarian borders significantly shaped the prosecutor’s decision too. As per the determined law, there’s no obligation of permits, registration, or licensing for handling cryptocurrencies. It reveals that the services Nexo had been providing are not under any regulation.

Moreover, this also meant that products offered by the platform are not to be considered financial instruments. When it comes to catering to the clients with such products, they are not part of any investment services exploring the crypto field.

As a consequence, in the Bulgarian economic realm, crypto assets are not seen as financial instruments. Hence, no regulation needs to be faced for trading these digital assets. Unlike conventional currency, the virtual counterpart is not acknowledged as a legal payment asset. Thus, it remains uncategorised under the Law on Payment Services and Payment Systems’ Article 4. The series of these observations led the prosecutors to the conclusion that there was no crime committed, which resulted in the termination of the proceedings.

Thriving in the Crypto World with Bitcoin Code

Embracing the turbulent waves of the crypto world becomes easier with the right insights and tools. One of those outstanding tools is the Bitcoin Code. Bitcoin Code is a remarkable application designed to navigate through the crypto trading avenues with utmost precision and reliability. It offers intuitive features that align perfectly well with traders of varied experience levels. With favorable regulations and the backing of sophisticated software, achieving your financial goals becomes a reality.

Frequently asked Questions

1. What were the criminal activity charges that Nexo Crypto Lender faced?

Answer: Nexo Crypto Lender faced criminal activity charges in Bulgaria.

2. Why were the charges against Nexo Crypto Lender cleared?

Answer: The charges against Nexo Crypto Lender were cleared due to a lack of evidence.

3. What did the Bulgarian prosecutors find during their investigation?

Answer: The Bulgarian prosecutors found insufficient evidence to support the criminal activity charges against Nexo Crypto Lender.

4. How did the lack of evidence impact the case against Nexo Crypto Lender?

Answer: The lack of evidence resulted in the clearance of the criminal activity charges against Nexo Crypto Lender.

5. What does this clearance mean for Nexo Crypto Lender?

Answer: This clearance means that Nexo Crypto Lender is no longer facing criminal activity charges in Bulgaria.

6. Was there any other outcome of the investigation apart from the charges being cleared?

Answer: No, there were no other outcomes of the investigation apart from the clearance of the criminal activity charges against Nexo Crypto Lender.

7. Will Nexo Crypto Lender face any legal consequences as a result of the cleared charges?

Answer: No, since the charges were cleared due to a lack of evidence, Nexo Crypto Lender will not face any legal consequences from this particular case in Bulgaria.