Nexo dissolves its units based in Great Britain as part of restructuring plans

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Nexo-a popular cryptocurrency credit platform-dissolves two business units based in the United Kingdom, while regulatory issues in other parts of Europe and North America.

The latest steps are part of a "restructuring measure" in which Nexo will continue to continue its business in the country.

  • As reported by BNN Bloomberg from the documents submitted this month, both nexo, both nexo Financial Services Ltd. as well as Nexo Clearing and Custody Ltd to be removed from the British corporate register.
  • In News to Bloomberg, Nexo co-founder Antoni Trenchev said that his company "makes some restructuring" and "rethinks the way we use customers".
  • In addition to crypto trade and custody, Nexo offers its customers a number of crypto-based financial products, including debit cards, loans and savings accounts. According to the website, these savings accounts can offer "up to 15 % effective annual interest for their cryptocurrency", with returns sometimes to be up to 7 % for Bitcoin and 12 % for USDC.
  • The supervisory authorities in the United States have shown strong skepticism compared to crypto-based interestal accounts. criticize They are characterized by their unusually high savings rates compared to conventional savings accounts. In contrast to approved banks, crypto finance platforms are not covered by state deposit insurance.
  • The control worried in mid-2022, after bankruptcy crops, including Celsius and Voyager, and later blockfi, billions of dollars.
  • nexo emphasizes that it was not exposed to the same dangerous situation as such companies, but nevertheless. fees received from the Securities and Exchange Commission in the coming months. In December nexo announced that it would leave the United States due to regulatory difficulties.
  • The EARN product from Nexo is also not accessible in Canada, where the regulatory authorities have completely done this banned Crypto margin trade.
  • The problems of the company also extend to Bulgaria, where his offices were attacked
  • Trenchev described the allegations as "ridiculous" and his company sued Bulgaria in response to one million US dollars.

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