Crypto Loan Platform, Nexo, Freed From Allegations Of Money Laundering

[Gunnar Larson]

https://voi.id/kr/technology/342452

JAKARTA Nexo, one of the world's largest crypto loan platforms, has been
acquitted of all charges of money laundering and sanctions violations in
Bulgaria. The Office of the Attorney General of the Republic of Bulgaria
announced last week that the Sofia City Prosecutor's Office had ended the
legal process against Nexo after finding no evidence of criminal activity.

Nexo is a company that provides loan and deposit services using crypto
assets as collateral. Nexo also offers daily interest of up to 12% per year
for crypto assets stored on its platform. Nexo claims to have more than 6
million users worldwide and has processed more than $130 billion
(approximately IDR 2,005 trillion) of transactions since its founding in
2018.

On September 29 last year, Nexo was the target of an investigation by
Bulgarian law enforcement officials over alleged money laundering and
sanctions violations. The investigation is based on a report from the
Central Bank of Bulgaria (BNB) which considers that Nexo is carrying out
banking activities without appropriate permits.

According to an announcement from the Attorney General's Office, the
investigation involved interviews with witnesses, analysis of payment
account movements, complex forensic reports and evaluations, as well as
various investigative actions such as investigations and confiscations.
However, after conducting an investigation for almost three months, the
supervisory prosecutor team found no evidence of a crime committed by Nexo.

"The Sofia City Prosecutor's Office has ended the pre-trial process against
Nexo and four other people involved in the organized crime group that was
formed to seek profit between 2018 and January 2023," the announcement read.

"There is no evidence of criminal activity related to the implementation of
banking activities without appropriate permits. There is no evidence of
money laundering collected against the defendant, and there is no evidence
of taxation or computer fraud collected," the announcement continued.
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