Bulgaria's prosecutor's office said on December 22 that it closed the investigation into cryptocurrency company Nexo after finding no evidence of money laundering, tax crimes, computer fraud and providing banking services without a license.
The probe, Opened Following a raid on Nexo's offices in January, it was touted at the time by then-deputy prosecutor general Borislav Sarafov, now acting prosecutor general, as a major investigation into financial crimes, in which Bulgarian investigators were assisted by "associated services".
Four people were loaded with being part of an organized crime group that operated in Bulgaria, the United Kingdom, Switzerland and the Cayman Islands since 2018.
However, the prosecutor's statement on December 22 stated that Bulgaria had no regulatory framework regarding cryptocurrency assets and that Nexo's products were not investments or financial instruments.
At the time, Nexo was being investigated by the US Securities and Exchange Commission (SEC) on charges of failing to register a โcrypto asset retail lending productโ with the regulator.
Shortly after Bulgarian prosecutors opened their investigation, the SEC Announced that the company agreed to pay $45 million to resolve the charges and consented to the cease and desist order prohibiting it from violating the registration provisions of the U.S. Securities Act of 1933.
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