Bulgaria has officially closed its investigation into the cryptocurrency company Nexo, initiated in January following a raid on their offices. The investigation, which sought to uncover potential financial crimes like tax evasion and fraud, has concluded with no evidence of criminal activity. This development, announced by the prosecutor’s office on December 22, highlights the challenges in regulating crypto asset services, as Bulgaria currently lacks a specific legal framework for such activities. Nexo’s managing partner, Antoni Trenchev, expressed relief and pointed out the political nature of the allegations. The closure of this case comes as Nexo phases out its US operations amid regulatory uncertainties, despite a recent $45 million settlement with the US Securities and Exchange Commission over its earn interest product.
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