(Bloomberg) -- Crypto lender Nexo is dissolving two of its UK-based entities as it faces a period of legal uncertainty elsewhere in Europe. 

The London-based firm applied to strike off Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd. from the UK companies register, filings showed this month. Nexo co-founder Antoni Trenchev said in messages to Bloomberg News that the firm was “doing some restructuring” and “rethinking the way we go about servicing clients,” but did not plan to exit the country. 

Earlier this year, Bulgarian prosecutors charged four people in an investigation into Nexo. The Bulgarian nationals were accused of forming an organized crime group involved in money laundering, unlicensed banking activities, as well as tax and computer crime. Trenchev, a former Bulgarian lawmaker, later described the charges as “ludicrous.”

• Read more: Crypto Lender Nexo Sees Four Charged in Bulgaria Probe (1)

Founded in 2018, Nexo offers crypto trading, custody, loans, interest-earning products and debit card services to more than 5 million users, according to its website. It oversees around $2 billion in assets on its platform, according to an attestation provided by accounting firm Moore Johannesburg on Thursday. 

The business has more than 600 employees at present split between Bulgaria, the United Arab Emirates and London, Trenchev said. 

Nexo said in December that it would phase out its products and services in the US, later agreeing to pay $45 million in penalties to the Securities and Exchange Commission and state authorities over allegations it broke securities rules.

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