The closure of the case was attributed to the status of cryptocurrencies in Bulgaria, which are not considered financial instruments and therefore not subject to the country’s laws on payment services and systems.
Initially, the prosecutor’s office had accused Nexo’s top managers, Antoni Trenchev, Kosta Kanchev, Kalin Metodiev, and Trayan Nikolov, of leading a criminal group involved in money laundering, fraud, and other financial crimes between 2018 and early 2023.
“The drop of all charges against Nexo and its executives by Bulgarian prosecutors, based on the lack of evidence, clearly demonstrates that the entire attack on the company was politically motivated and unjustified. This outcome will help restore our reputation and serve as an inspiration to law-abiding cryptocurrency entrepreneurs. We are extremely pleased with this result,” stated Antoni Trenchev, co-founder and managing partner of Nexo.
It is worth noting that the searches at Nexo’s offices were conducted on January 12. The company’s management vehemently denied all allegations of money laundering and other criminal activities.