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The Bulgarian National Assembly moved to establish a special committee to investigate the scandal surrounding the Nexo cryptocurrency trading platform. The move was initiated by the GERB-UFF parliamentary group. The special committee is tasked with uncovering all facts and circumstances related to the operation of Nexo, Nexo Capital, and the persons connected to them that are suspected of illegal activities.
The committee will also examine any relationships with individuals and organizations financing terrorism and organized crime, as well as financial support provided by Nexo to political parties and other legal entities in Bulgaria. This leads some to ask when the United States Congress will begin a similar investigation into FTX and its funding of American politicians, political parties, and political action committees.
The committee, comprised of two members of each party represented in the Bulgarian Parliament, is expected to issue a report on its findings in about one month.
Members of Parliament from Bulgaria’s Movement for Rights and Freedoms (MRF) Party, have also asked the European Commission to consider creating rules to prevent the financing of political parties by dubious crypto companies such as Nexo and FTX. They also asked how the Commission plans to defend European democracy when representatives of political groups who receive funding from criminal organizations are elected to leadership positions, including in the European Parliament.
