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HomeCrypto MiningBulgarian authorities drop cash laundering investigation into Nexo executives

Bulgarian authorities drop cash laundering investigation into Nexo executives

Sofia Metropolis Prosecutor’s Workplace has concluded a high-profile investigation into the actions of 4 people linked to the Nexo on-line platform.

The investigation, initiated on September 29, 2022, centered on allegations of participation in an organized felony group and unauthorized banking actions by Nexo. 4 people had been accused of working an organized felony group from 2018 to January 2023 beneath Artwork. 321 of the Felony Code.

Moreover, two of the people confronted fees for conducting unlicensed banking transactions from June 2018 to January 2023, which concerned lending and deposit elevating in numerous currencies on the Nexo platform with out acceptable authorization beneath the Regulation on Credit score Establishments (CLI).

The investigation entailed intensive procedural and investigative actions, together with witness interviews with a secret identification, technical and banking experience, and evaluation of fee account actions. Worldwide cooperation was additionally evident, with European Investigation Orders and their subsequent responses enjoying a vital position.

The technicality protection

Regardless of an elaborate investigation and worldwide scrutiny, together with administrative actions in opposition to Nexo in numerous US states, the supervising prosecutors concluded that the proof didn’t substantiate the fees. No proof of a felony affiliation, banking exercise with no allow, cash laundering, tax crimes, or laptop fraud was discovered in opposition to the defendants.

A key facet of the investigation’s conclusion was the authorized standing of digital currencies in Bulgaria and the EU. As per the European Banking Authority’s report and the present authorized framework, crypto-assets will not be acknowledged as authorized technique of fee or regulated monetary devices in Bulgaria and the EU. This lack of regulation was pivotal in figuring out that Nexo’s actions, which had been primarily carried out on-line and certain managed exterior Bulgaria, didn’t represent monetary crimes.

The settlement between Nexo and numerous US regulatory authorities additional substantiated the absence of fraud or deceptive practices in Nexo’s operations. This complete evaluation led to the termination of felony proceedings, with the supervising prosecutors concluding that no crime had been dedicated beneath the present authorized regime for crypto belongings and monetary companies.



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