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"There are authorities at one of Nexo’s offices in Bulgaria which is, as you know the most corrupt country in the EU," a Nexo spokesperson said in an email to CryptoX. "They are making AML and tax-related inquiries about a Bulgarian entity of the group that is not customer facing,
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Swiss crypto lender Nexo recently terminated its acquisition deal with embattled Singaporean crypto lender Vauld.Nexo has ended discussions with rival crypto lender Vauld regarding a potential acquisition deal. According to new reports, Nexo opted out of potentially acquiring the troubled crypto lender after six months of dialogue. Both parties had
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"The intention of this communication was to create transparency to Vauld’s Creditors, where it has been insufficient, regarding the merits of Nexo’s acquisition plan, as well as to contribute final improvements to some of the proposal’s commercial terms based on feedback from Vauld’s Community," the letter, signed by Nexo Management,
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The crypto borrowing and lending platform Nexo plans to gradually cease operations in the United States “over the coming months,” according to a blog post on Dec. 5. Nexo has stated that the decision to leave the U.S. is “regrettable but necessary.”Today we are announcing the regrettable but necessary decision that
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Nexo had already off-boarded Earn clients in New York and Vermont at those states' regulators' insistence, a blog post said. It will now suspend access in Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California and Washington. Residents of these states can continue using Nexo's other services. Source
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The European Union this year finalized the legal text for its bloc-wide crypto regulatory framework, which will set up a passportable licensing system for companies looking to serve its 27 member states. The framework, called Markets in Crypto Assets (MiCA), is set to come into effect in 2024. Source
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Nexo is being sued by a group of investors for allegedly blocking 107 million British pounds ($126 million) worth of crypto in 2020-21, according to a report. Original Source
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Crypto lending firm Nexo (NEXO) risks losing half of its valuation by the end of 2022 as doubts about its potential insolvency grow in the market.Is Nexo too centralized?For the unversed: eight U.S. states filed a cease-and-desist order against Nexo on Sep. 26, alleging that the firm offers unregistered securities
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Kalin Metodiev, the co-founder and managing partner of crypto lender Nexo stated his firm was “surprised” by the way in which eight state regulators publicly took action against it for securities violations.Earlier this week the California Department of Financial Protection & Innovation (DFPI) filed a desist and refrain order against
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Digital asset lending platform Nexo has purchased a stake in a holding company that owns a federally chartered bank in the United States — a move Nexo said will enhance its ability to serve retail and institutional clients. Nexo disclosed Tuesday that it had acquired a stake in Hulett Bancorp, a
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