The Bulgarian Prosecutor's Office has terminated its criminal case against four Nexo executives, citing a lack of evidence. The charges, stemming from a January raid on Nexo's offices, alleged involvement in organized crime activities linked to crypto lending from 2018 to 2023. However, the prosecutors concluded that Nexo's products are not classified as financial instruments under Bulgarian law, thus falling outside the scope of regulated investment services. This decision follows Nexo's $45 million settlement with the U.S. SEC over its Earn Interest Product and subsequent plans to cease operations in the U.S. due to regulatory uncertainties.
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