The firm claimed a deal with a major European football club was halted just days before signing.
Collaboration with investment banks for a funding round and an IPO, valued between $8- $12 billion, was interrupted.
Nexo AG and its subsidiaries have initiated legal action
against the Republic of Bulgaria, filing an International Centre for Settlement
of Investment Disputes arbitration claim exceeding $3 billion. The
claim alleges damages and lost opportunities resulting from what Nexo describes
as wrongful and politically motivated actions by Bulgarian authorities.
The Dismissal of Charges against Nexo's Leadership
Represented by the prestigious U.S. law firm Pillsbury
Winthrop Shaw Pittman LLP, Nexo AG's claim centers on the aftermath of
unjustified and oppressive criminal investigations. These investigations,
initially launched by the Bulgarian Prosecutor General's Office in January
2023, were subsequently dismissed for lack of merit on December 21, 2023,
clearing Nexo and its management, including Kosta Kantchev, Antoni Trenchev,
Kalin Metodiev, and Trayan Nikolov.
“Despite the unjustified attacks
by the Bulgarian authorities in January 2023 taking a significant toll on the
entire Nexo group, we were able to continue business operations,” said
Trenchev, the Co-Founder of Nexo. “However, our growth path has been slowed down
and opportunities lost or significantly delayed. I personally promised 10
months ago that we would explore all legal means available to secure financial
compensation for Nexo."
Deborah Ruff, Pillsbury’s Head of Arbitration, expressed
confidence in representing Nexo in what she called a "battle for
justice." Matthew Oresman, the Managing Partner of Pillsbury’s London Office,
affirmed belief in the strength of Nexo's claim after a thorough examination of
the case.
Reputational
Damage and Financial Setbacks
According to the firm, the politically motivated attack in
2023 had severe repercussions on Nexo, damaging its brand and reputation. As a
result, lucrative business opportunities were lost, and Nexo AG's investments
in Bulgaria
suffered setbacks.
Several planned business activities had to be abandoned,
impacting the company's growth trajectory. Nexo's collaboration with
three leading US investment banks on a funding round and an initial public
offering, with an indicative valuation between $8 billion and $12 billion, was
disrupted.
A strategic alliance with a major European football club,
set to make Nexo the club's official digital wallet
and main partner, was halted just days away from signing. This partnership involved plans for an innovative club-branded payment card, a potential
game-changer for the blockchain industry. Nexo's reputation and brand were
tarnished, resulting in missed opportunities, lost revenue, and a decline in
company value.
Finance Magnates attempted to reach out to the Litigation
Department within the International Arbitration and Procedures Division at the
Ministry of Finance in Sofia, Bulgaria, as well as the Office of the Prosecutor
General in Sofia, Bulgaria, but has not received a response yet.
Nexo AG and its subsidiaries have initiated legal action
against the Republic of Bulgaria, filing an International Centre for Settlement
of Investment Disputes arbitration claim exceeding $3 billion. The
claim alleges damages and lost opportunities resulting from what Nexo describes
as wrongful and politically motivated actions by Bulgarian authorities.
The Dismissal of Charges against Nexo's Leadership
Represented by the prestigious U.S. law firm Pillsbury
Winthrop Shaw Pittman LLP, Nexo AG's claim centers on the aftermath of
unjustified and oppressive criminal investigations. These investigations,
initially launched by the Bulgarian Prosecutor General's Office in January
2023, were subsequently dismissed for lack of merit on December 21, 2023,
clearing Nexo and its management, including Kosta Kantchev, Antoni Trenchev,
Kalin Metodiev, and Trayan Nikolov.
“Despite the unjustified attacks
by the Bulgarian authorities in January 2023 taking a significant toll on the
entire Nexo group, we were able to continue business operations,” said
Trenchev, the Co-Founder of Nexo. “However, our growth path has been slowed down
and opportunities lost or significantly delayed. I personally promised 10
months ago that we would explore all legal means available to secure financial
compensation for Nexo."
Deborah Ruff, Pillsbury’s Head of Arbitration, expressed
confidence in representing Nexo in what she called a "battle for
justice." Matthew Oresman, the Managing Partner of Pillsbury’s London Office,
affirmed belief in the strength of Nexo's claim after a thorough examination of
the case.
Reputational
Damage and Financial Setbacks
According to the firm, the politically motivated attack in
2023 had severe repercussions on Nexo, damaging its brand and reputation. As a
result, lucrative business opportunities were lost, and Nexo AG's investments
in Bulgaria
suffered setbacks.
Several planned business activities had to be abandoned,
impacting the company's growth trajectory. Nexo's collaboration with
three leading US investment banks on a funding round and an initial public
offering, with an indicative valuation between $8 billion and $12 billion, was
disrupted.
A strategic alliance with a major European football club,
set to make Nexo the club's official digital wallet
and main partner, was halted just days away from signing. This partnership involved plans for an innovative club-branded payment card, a potential
game-changer for the blockchain industry. Nexo's reputation and brand were
tarnished, resulting in missed opportunities, lost revenue, and a decline in
company value.
Finance Magnates attempted to reach out to the Litigation
Department within the International Arbitration and Procedures Division at the
Ministry of Finance in Sofia, Bulgaria, as well as the Office of the Prosecutor
General in Sofia, Bulgaria, but has not received a response yet.
Paxos Ups Its Stablecoin Bet: Launches MAS-Compliant USDG
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24