Nexo
Summary
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”
— avoid-scout
Timeline(10 events)
2018-04-01
Nexo launches, raises approximately $52.5 million in NEXO token sale and begins offering crypto-backed credit lines.
ICO Drops2022-02-01
SEC charges BlockFi over similar crypto lending product; Nexo voluntarily ceases offering EIP to new US investors.
SEC Press Release2022-12-05
Nexo announces gradual exit from US market, citing regulatory discussions reaching a 'dead end.' Earn access immediately suspended in eight states.
CoinDesk2023-01-12
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.
Euronews2023-01-19
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 / NASAA2023-01-19
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 General2023-12-22
Bulgarian Prosecutor's Office closes criminal investigation into Nexo, citing no evidence of criminal activity, tax offenses, or computer fraud.
CoinDesk2024-01-24
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 / ICSID2025-01-22
Nexo introduces $5,000 minimum balance recommendation as part of strategic shift toward serving high-net-worth clients.
CoinDesk2026-02-16
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 and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 5/8/2026, 2:31:30 AM
last updated: 5/30/2026, 1:03:57 PM
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