Bulgaria has closed its investigation into Nexo as there was no criminal activity.

Bulgarian prosecutors have suspended criminal investigations into crypto lender Nexo. A report published on Friday said authorities found no evidence of money laundering or tax evasion against Nexo and its four executives.

Bulgaria's prosecutor's office has closed its criminal investigation into crypto lender Nexo and four of its executives, a local news agency reported Friday.

According to the report, the prosecutors found no evidence of criminal activity against Nexo and its four executives, Kosta Kanchev, Anthony Trenchev, Kalin Metodiev and Trian Nikolov. Charges of tax and computer fraud were also dropped against the accused.

Bulgarian police raided Nexo's offices in January this year, with authorities alleging possible criminal activity related to money laundering, tax crimes and unauthorized banking activities. But the prosecutor concluded that Nexo's products “are not financial instruments.”

The platform services and products offered to customers are not investment services.

The post says Bulgaria has closed its investigation into Nexo, citing no criminal activity. Originally appeared on CoinJournal.