• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Nexo Returns to the UK Market After FCA Compliance Upgrades

user avatar

by Giorgi Kostiuk

a year ago


  1. Registration Suspension and Its Reasons
  2. Nexo's Response
  3. Educational Resources for Clients and Market Situation

  4. Nexo has resumed accepting registrations from UK clients after implementing several upgrades to comply with the requirements of the UK’s financial regulator, the Financial Conduct Authority (FCA).

    Registration Suspension and Its Reasons

    The crypto lending platform suspended new registrations ten months ago to comply with FCA’s investor protection guidelines. These guidelines involved adding specialized risk warnings for UK clients and implementing mandatory investor categorization and appropriateness assessment for its products. The required changes were implemented in collaboration with Gateway 21, an FCA-authorized financial promotion approver.

    Nexo's Response

    A Nexo spokesperson told Cointelegraph: "Our pause from onboarding new clients in late 2023 was precisely to ensure our technical foundation could support this novel process and ensure a streamlined, user-friendly registration, thereby lowering, rather than raising the bar for adoption." Nexo’s Chief Product Officer, Elitsa Taskova, emphasized the importance of the UK as a critical market for the platform: "The UK has long been a cornerstone market for Nexo, and our commitment to our clients here remains resolute. When faced with rigorous yet necessary regulation, we chose to stand firm, diligently adapting our platform to meet these stringent requirements."

    Educational Resources for Clients and Market Situation

    Alongside the resumption, Nexo plans to offer tailored educational resources and support to help UK clients understand and navigate the FCA’s guidelines. The company believes it is responsible for clarifying the regulatory framework and providing clients with the necessary tools to confidently navigate the digital asset space and the UK-specific onboarding process. Nexo is not the only cryptocurrency company experiencing difficulties in the UK. In July, Coinbase was fined £3.5 million by the UK’s FCA for violating client restrictions related to high-risk clients. Other notable companies such as PayPal and Bybit have also discontinued some of their crypto-specific services during this time.

    The resumption of UK client registrations is an important step for Nexo as the company continues to adapt to regulatory requirements and aims to provide its clients with the necessary tools for navigating the digital asset landscape.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

FLockio Partners with Deluthium and Aerodrome to Launch CARiFIN

chest

FLockio, Deluthium, and Aerodrome have partnered to develop the CARiFIN platform, enhancing microinsurance solutions in Latin America and the Caribbean, promoting financial inclusion for underserved communities.

user avatarZainab Kamara

Senate Republicans Submit Proposal with Amendments to Crypto Bill

chest

Senate Banking Republicans submitted a proposal with over 30 amendments to the crypto market structure bill, aiming for bipartisan support.

user avatarSon Min-ho

SEC Chairman Paul S Atkins Announces New Limits to Crypto Oversight

chest

SEC Chairman Paul S Atkins announces a new framework that narrows the agency's jurisdiction over crypto tokens and ICOs, potentially reducing legal uncertainties and allowing more tokens to operate without direct SEC oversight.

user avatarTando Nkube

Tether's USDT Receives Regulatory Clearance in Abu Dhabi.

chest

Tether's USDT has been recognized as an Accepted Fiat-Referenced Token (ARFT) in Abu Dhabi, expanding its approval to multiple blockchains.

user avatarAyman Ben Youssef

Unconfirmed Reports on TRON Integration with Revolut

chest

Revolut has not confirmed any integration with TRON for staking and stablecoin functionalities across Europe, despite media claims.

user avatarKofi Adjeman

Cashew Research Revolutionizes Market Research with AI

chest

Calgary-based startup Cashew Research is transforming the $90 billion market research industry by leveraging AI to provide fast, affordable, and custom insights.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.