London-based crypto lender Nexo (NEXO) has shut down two of its subsidiaries located in the U.K. on May 11, Bloomberg News reported.

The lender is also going under an investigation in Bulgaria for allegedly being involved in an organized crime scheme, the Bloomberg article noted.

The lender applied to the U.K. authorities to shut down Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd.

Nexo’s Co-founder Antoni Trenchev claimed that the branches were closed off due to company-wide “restructuring.”

According to Trenchev, Nexo is “rethinking the way” it goes about “servicing clients” but is not considering exiting the U.K. market.

In January, Bulgarian authorities raided Nexo’s offices in Sofia due to investigations into Nexo.

In February, Bulgarian authorities charged four people working at Nexo. The prosecutors claimed these individuals formed an organized crime group and committed money laundering, unlicensed banking activities, and tax and computer crimes.

However, this is not the only legal dispute the lender has been involved in. The U.S. Securities and Exchange Commission (SEC) charged the lender a $22.5 million penalty for failing to register its retail lending product. In January, Nexo settled with the SEC by paying $45 million in fines.

The post Crypto lender Nexo shuts down 2 UK-based subsidiaries appeared first on CryptoSlate.

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