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Cryptocurrency lender Nexo is demanding $3 billion in damages from Bulgarian authorities.
According to <a href="https://www.reuters.com/technology/crypto-lender-nexo-seeks-3-bln-damages-bulgaria-over-aborted-investigation-2024-01-24/" target="_blank" rel="noopener noreferrer nofollow">Reuters</a>, Nexo wants to recover $3 billion in connection with a stalled criminal investigation derailing its plans for a U.S. stock market listing and a soccer sponsorship deal.
Nexo representatives also claim that the investigation has damaged the company’s reputation and destroyed shareholder value. This is stated in a document submitted to the International Center for the Settlement of Investment Disputes (ICSID) of the World Bank.
Searches at <a href="https://crypto.news/tag/Nexo/" target="_blank" rel="noopener noreferrer nofollow">Nexo</a> offices <a href="https://crypto.news/crypto-lender-nexo-raided-by-law-enforcement-in-bulgaria/" target="_blank" rel="noopener noreferrer nofollow">took place</a> in Jan. 2023. Prosecutors accused the platform of money laundering, tax crimes, and computer fraud between 2018 and Jan. 2023. The company’s management vehemently denied all accusations of money laundering and other crimes.
You might also like: <a href="https://crypto.news/nexo-sees-10-of-assets-withdrawn-after-police-raid/" rel="noopener noreferrer nofollow"> Nexo sees 10% of assets withdrawn after police raid </a>
In Dec. 2023, the Bulgarian Prosecutor’s Office <a href="https://prb.bg/bg/news/67951-sgp-prekrati-nakazatelnoto-proizvodstvo-po-deloto-" target="_blank" rel="noopener noreferrer nofollow">closed</a> the criminal case against the cryptocurrency credit service Nexo – investigators could not find evidence of money laundering, tax evasion, and other crimes.
In mid-Jan. 2023, the U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>) also <a href="https://crypto.news/nexo-reaches-22-5m-settlement-with-us-sec/" target="_blank" rel="noopener noreferrer nofollow">fined</a> the platform $45 million for unregistered services in the country. According to the regulator, Nexo began offering cryptocurrency deposit services to American investors in June 2020.
Representatives of the lender entered into an agreement with the SEC. Now the site is prohibited from providing licensed services in the United States.
You might also like: <a href="https://crypto.news/nexo-co-founder-says-charges-in-bulgaria-are-ludicrous/" rel="noopener noreferrer nofollow"> Nexo co-founder says charges in Bulgaria are ludicrous </a>

Nexo seeks $3b from Bulgarian authorities over aborted investigation

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