Cryptocurrency Analysis and News Portal
Cryptocurrency lender Nexo has acquired a minority stake in Summit National Bank, a financial institution regulated by the Office of the Comptroller of the Currency (OCC). Original Source
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Crypto lender Nexo is having issues with state authorities from California, New York, Washington, Kentucky, Vermont, South Carolina, and Maryland. The enforcement actions from multiple state securities regulators detail that Nexo’s Earn Interest Product (EIP) may be in violation of securities laws. Nexo Targeted by Several Securities Regulators Over the Crypto
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The California Department of Financial Protection & Innovation (DFPI) has filed a desist and refrain order against crypto lending platform Nexo as part of its ongoing investigation of companies offering interest-bearing crypto assets accounts. The agency claims it is joining regulators from seven other American states in taking action against
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The states – also including Washington, Maryland, Kentucky, Oklahoma, South Carolina and Vermont – filed individual actions targeting certain yield-producing accounts at Nexo. The lender advertises the accounts as "high-yield," and California noted the company offered annual interest rates as high as 36%. Original Source
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The trading platform, named Nexo Pro, will aggregate liquidity from more than 10 trading venues and market makers to minimize order slippage, or the change in price that occurs between an order being placed and being executed. Slippage occurs when a market order is made into thin liquidity, which causes
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Last Friday, whistleblower site Crypto Leaks published a series of damning videos, accusing the lawyer of weaponizing class-action lawsuits to collect sensitive information on various crypto companies. The site also alleged Roche’s lawsuits purposely attacked competitors of the blockchain project Avalanche, which Roche allegedly received tokens from and has previously
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“In these challenging market conditions, the NEXO Token has moved consistently with the likes of BTC and ETH," said Antoni Trenchev, Nexo co-founder and managing partner, in a press release. "Right now, our investors and clients require solid ground to walk on, and our third token buyback ensures this added
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HDR Global, which is the parent company of BitMEX, asked the High Court to determine who owned the account after Shulev left as a director at Nexo in 2019. As a part of the agreement, Shulev and Nexo were supposed to inform HDR once Nexo gained control of the account;
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This year's crash in crypto prices has rattled nerves of retail depositors while also saddling big industry players with losses on assets they had lent out in search of yields. Celsius Network, a crypto lender, and Voyager, a crypto trading platform, each froze withdrawals and later declared bankruptcy. Another distressed
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Leading cryptocurrency lender Nexo has offered to buy distressed competitor Vauld, which halted operations in the face of financial difficulties. The proposal comes after the Singapore-based company said it was exploring restructuring options. Nexo Secures Exclusive Agreement to Explore Vauld’s Acquisition Singapore-based crypto lending and trading platform Vauld, which announced suspension of
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