Crypto lending platform Nexo has received preliminary approval to operate as a licensed entity in Dubai
The cryptocurrency lending platform Nexo has received preliminary approval to operate as a licensed entity in Dubai. Nexo's regional entity is seeking full approval for lending, management and investment, as well as broker-dealer activities.
Cryptocurrency lender Nexo seeks $3 billion in damages from Bulgaria over alleged wrongful actions
Cryptocurrency lender Nexo has filed an arbitration claim against Bulgaria, seeking $3 billion in damages. Nexo alleges that the country engaged in unjustified and oppressive criminal investigations, damaging the company's brand and reputation and causing it to miss out on business opportunities such as a potential IPO in the US. The Bulgarian Prosecutor's Office closed its investigation into Nexo for alleged money laundering offenses in December due to a lack of evidence. The claim has been submitted to the World Bank's International Centre for Settlement of Investment Disputes in Washington, DC.
Data: 15 Hours Ago Nexo Once Again Withdrew 4,000 ETH From Binance To Pledge on Lido
Scopescan monitoring shows that 15 hours ago, Nexo once again withdrew 4,000 ETH (worth 6.52 million US dollars) from Binance and pledged it on Lido.
In the past month, NEXO has accumulated 13,945 ETH (worth 24.1 million US dollars) from Binance and pledged 34,400 ETH (worth 62.48 million US dollars) on Lido.
Nexo joins Sanctions Association as Regulatory Scrutiny Increases
Cryptocurrency lending platform Nexo has joined the association of certified sanctions specialists (ACSS) to enhance its compliance measures. The ACSS offers training and certification for sanctions professionals across various industries, and its certification is universal, covering policy, due diligence, screening, compliance, and investigations. Nexo's compliance staff will now be required to be ACSS certified, adding another level of credibility to its team. The move comes after Nexo acquired an American Institute of Certified Public Accountants (AICPA) certificate and completed a Service and Organization Controls (SOC) 2 Type 2 Compliance audit. Nexo had previously terminated its yield-bearing Earn Interest product in the United States after paying $45 million in penalties to the Securities and Exchange Commission and the North American Securities Administrators Association.
Crypto Trading Platform Nexo in Legal Battle with Co-Founder over Missing $12 Million in Assets
Nexo, a cryptocurrency trading platform facing difficulties, is engaged in a legal battle with co-founder Georgi Shulev over $12 million in assets that are missing. The dispute revolves around the location of a Ledger hardware wallet that contains some of the company's cryptocurrency holdings. Since 2022, the legal dispute has been ongoing since Shulev left the company in 2019. Shulev was terminated from his role as managing partner in 2019, and the conflict between Nexo and Shulev began when he attempted to obtain compensation for his Nexo shares that were denied to him.
Bitcoin hovers above $30,000 amid signals of potential rate hikes
Bitcoin remained just above $30,000 on Friday as investors anticipate potential rate hikes this year. Despite the hawkish news, bitcoin bulls held their ground. However, Nexo co-founder Antoni Trenchev believes that bitcoin needs a fundamental driver to break out of its current range and reach its 13-month high. Investors are closely watching for inflation data expected on Wednesday, which could potentially cause bitcoin to rise or fall depending on the outcome.
Crypto Lender Nexo Shuts Down U.K. Subsidiaries Amid Investigation into Organized Crime Scheme
London-based cryptocurrency lender Nexo has closed two of its subsidiaries in the UK as part of a company-wide restructuring. The closures come as Nexo faces an investigation in Bulgaria over allegations of involvement in an organised crime scheme. In January, Bulgarian authorities raided Nexo's offices in Sofia and charged four people working at the company with forming an organised crime group and committing money laundering, unlicensed banking activities, and tax and computer crimes. Nexo has also faced legal disputes in the US, including a $22.5m penalty from the Securities and Exchange Commission for failing to register its retail lending product.
Ohio Regulator Joins the Nationwide Settlement Against Crypto Lending Platform Nexo
The Ohio Division of Securities added its name to the $22.5 million multistate settlement against the cryptocurrency lending platform Nexo.
Ohio Regulator Joins the Nationwide Settlement Against Crypto Platform Nexo
The watchdog of “the Buckeye State” issued a consent order against Nexo, thus joining other US states that claimed the cryptocurrency firm violated some rules when offering Earn Interest Products (EIP). The company promoted its option via social media channels and on its website to US consumers, saying they could obtain returns as high as 36%.
Nexo User Sues Crypto Lender, Alleging Millions in Asset Losses
A California resident filed a complaint against crypto lender Nexo citing harm from the firm’s “fraudulent inducement” to take out loans.
Ohio Joins $22.5M Multistate Settlement Against Crypto Lender Nexo
The Ohio Division of Securities has joined a $22.5 million settlement against crypto lender Nexo, it said Tuesday.
Crypto Lender Nexo Stopped EIP for US Clients on Feb. 10
Crypto lender Nexo said is has stopped its Earn Interest Product (EIP) for all U.S. clients, residents and citizens, effective Feb. 10.
Nexo Will Stop Its Earn Interest Product for US Clients in April
Following a settlement with the U.S. Securities and Exchange Commission announced last month, crypto lending platform Nexo will stop its Earn Interest Product for all U.S. clients, which include both citizens and residents, on April 1.
Nexo Spent $7.65M From the $50M Buyback in January
With the first month of 2023 behind us, we’re proud to report yet another batch of data from our Buyback program.
Nexo Mulls Suing Bulgaria for $1 Billion, Says Co-Founder Antoni Trenchev
Antoni Trenchev – Co-Founder of the cryptocurrency lending platform Nexo – said the company could sue the Bulgarian government for more than $1 billion for raiding its offices and undermining its reputation.
Former SEC Chief Lashes Out On Nexo’s $45 Mn Deal With SEC
Nexo's claims of victory on regulatory authority & innovation after paying $45 Mn fine to SEC, hasn't bode well with this former SEC chief.
Embattled Nexo Sues Cayman Islands Monetary Authority for Blocking Its VASP License
Nexo is suing Cayman Islands’ financial regulator for denying its registration as a virtual asset service provider in the territory. The Cayman Islands Monetary Authority declined Nexo’s VASP application dated December 20.
Nexo Sues Cayman Islands Regulator Over Rejected License
Crypto lending platform Nexo is suing the Cayman Islands regulator for denying the firm a virtual asset license.
Nexo Turmoil Causing Tension in Bulgarian Parliament
The Nexo drama has prompted political tension in Bulgaria after it was revealed that firm employees had donated to one of the parties.
Nexo Hit by Withdrawals Tsunami After Bulgaria Raid Office To Investigate Alleged Money Laundering
The major crypto lender Nexo has been hit by a tsunami of customer withdrawals after the company’s office in Bulgaria was raided by police.
