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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, which only last week saw its office in Bulgaria raided by 300 police and has been the recipient of cease and desist orders from various U.S. regulators, hopes to have the decision reversed, according to the lawsuit filed Jan. 13.

The Cayman Islands Monetary Authority rejected Nexo's application on Dec. 20, saying the firm's business model did not meet the required risk profile, a Cayman court filing said. ''Nexo posed a risk to market confidence, consumer protection and the reputation of the Islands as a financial centre,'' the CIMA said. 

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