Nexo
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anchored·2AXbEo…wuKuSummary
Nexo is a crypto lending and yield platform founded in 2018 by Antoni Trenchev and Kosta Kantchev, incorporated in the Cayman Islands, that grew to over $11 billion in assets under management. The company paid a $45 million settlement to the SEC and a multistate coalition of regulators in January 2023 over the unregistered offer and sale of its Earn Interest Product, and exited the US market in late 2022. A Bulgarian criminal investigation launched simultaneously was closed in December 2023 for lack of evidence, after which Nexo filed a $3 billion ICSID arbitration claim against Bulgaria; Nexo formally reentered the US market in February 2026 in partnership with Bakkt.
Connected Entities
1 entitiesCommunity submissions
- Under reviewincriminatingWayback pending6/2/2026, 7:01:34 PM
“January 2026 California DFPI consent order and $500K penalty for unlicensed lending to 5,456 California consumers”
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Timeline(10 events)
April 2018
Nexo launches, raises approximately $52.5 million in NEXO token sale and begins offering crypto-backed credit lines.
ICO DropsFebruary 2022
SEC charges BlockFi over similar crypto lending product; Nexo voluntarily ceases offering EIP to new US investors.
SEC Press Release5 December 2022
Nexo announces gradual exit from US market, citing regulatory discussions reaching a 'dead end.' Earn access immediately suspended in eight states.
CoinDesk12 January 2023
Bulgarian authorities raid 17 Nexo sites in Sofia with 300+ officers; four individuals charged with money laundering, tax crimes, computer fraud, and organized crime participation.
Euronews19 January 2023
Nexo agrees to pay $45 million in combined penalties — $22.5 million to SEC, $22.5 million to multistate coalition of 53 US jurisdictions — over unregistered offer and sale of Earn Interest Product.
SEC / NASAA19 January 2023
New York AG announces five-year ban on Nexo selling securities in New York; approximately 3,000 NY investors directed to withdraw assets by April 1, 2023.
NY Attorney General22 December 2023
Bulgarian Prosecutor's Office closes criminal investigation into Nexo, citing no evidence of criminal activity, tax offenses, or computer fraud.
CoinDesk24 January 2024
Nexo AG files $3 billion+ ICSID arbitration claim (Case No. ARB/24/2) against the Republic of Bulgaria, alleging politically motivated prosecution caused reputational and financial damage.
BusinessWire / ICSID22 January 2025
Nexo introduces $5,000 minimum balance recommendation as part of strategic shift toward serving high-net-worth clients.
CoinDesk16 February 2026
Nexo formally reenters the US market in partnership with Bakkt, offering yield, exchange, and crypto-backed credit line services within a US-regulated framework.
CoinDesk / BusinessWireDecision Log
- hash: GVYb1FKZUDbYNGT57pvXXueq6F5tFVPngXzfw7JZ1rD4
- hash: H8KDjXVf1HcqA8g3vagPJTviE93yoPepSmHfYaLDecgM
- hash: 5E7mGvkta3pBXzXQ8XqwUi8BfnSkUNtSiVgQfiVYLGwP
This investigation is cryptographically anchored to the Solana blockchain (3 events). 22 of 27 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/8/2026, 2:31:30 AM
last updated: 8/14/2026, 1:11:26 AM
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