Cryptocurrency lending platform Nexo is seeking damages worth $3 billion from the Bulgarian government after the latter dropped its criminal investigations against the company. According to Nexo, the investigations allegedly cost the company a major soccer sponsorship deal and a stock market listing in the United States. Nexo Sues Bulgaria for $3 Billion Nexo and...Read More
The prosecutor’s office of Bulgaria has dropped all charges against crypto lending giant Nexo after the company’s regional offices were raised by government authorities earlier this year. In a private message to CryptoPotato, a company spokesperson confirmed that prosecutors found “no evidence” of crime, despite a range of former allegations including terrorist financing, and offering...Read More
Nexo – a popular cryptocurrency lending platform – is dissolving two business units based in the United Kingdom while it deals with regulatory issues in other parts of Europe and North America. The latest steps are part of a “restructuring” effort that will still involve Nexo continuing operations within the country. As reported by BNN...Read More
The Ohio Division of Securities added its name to the $22.5 million multistate settlement against the cryptocurrency lending platform Nexo. US regulators previously alleged the firm failed to comply with local requirements when offering Earn Interest Products (EIP). Ohio Joins the Club The watchdog of “the Buckeye State” issued a consent order against Nexo, thus joining other US...Read More
Nexo will stop providing its Earn Interest Product to US customers as of April 1, 2023. This is a direct consequence of the company’s recent settlement with US regulators, in which it had to pay $45 million in fines. Recall the agreement reached between Nexo and the US SEC as well as NASAA, which “concluded...Read More
Back in September, the Californian DFPI and other U.S. regulators ordered Nexo to desist from offering Earn Interest Products (EIP), which in the company’s case took the form of crypto asset lending accounts. At the time the charges were filed, Nexo had already ceased offering the accounts to U.S. investors. However, U.S. investors could still...Read More
The Singaporean authorities have reportedly granted Vauld an extended period of creditor protection. The cryptocurrency lender has until February 28 to introduce a revival plan. Vauld is one of the worst affected cryptocurrency entities by the prolonged bear market. It trimmed the size of its team by 30% last summer, reduced its marketing campaigns, and...Read More
The scandal around the cryptocurrency lending platform Nexo has triggered a massive verbal fight between the leading political parties in Bulgaria. GERB (the party that ruled between 2009 and 2021) alleged Democratic Bulgaria and We Continue the Change of having close ties with the distressed entity and even receiving significant donations from it. On the...Read More
Burdened by regulatory pressures, crypto lending firm Nexo has given up on continuing to operate within the United States. The company announced on Monday that it would begin phasing out its products and services from the country over the coming months. Regulatory Roadblock According to Nexo, the firm has engaged in “good-faith dialogue” with the...Read More
After the failure of Celsius Network, Voyager Digital, and Vauld, rumors about lending platforms, in general, being under stress have been rife. Nexo, which has $4 billion of assets under management (AUM), has become the latest target. On Tuesday, the company’s co-founders Antoni Trenchev and Kalin Metodiev publicly dismissed the rumors and revealed that they...Read More
Leading cryptocurrency lender Nexo has acquired a stake in Hulett Bancorp (DBA Mode Eleven) and its subsidiary federally chartered bank Summit National Bank, regulated under the US Office of the Comptroller of the Currency. The deal will allow the crypto lender, which has around $4 billion in assets under management, to further scale its financial...Read More
Crypto lender Nexo released a blog post to clarify what it considers the recent comments made by a pseudonymous Twitter user “Otteroooo” to be “a slate of ludicrous allegations.” “Untrue and Defamatory” Nexo said it will use any legally available means against the “defamatory” statements and false allegations” shared by certain Twitter accounts. It accused...Read More
The current bear market has left many crypto-related businesses reeling. Between the Luna fiasco and assets dropping close to levels not seen in 2 years, crypto mainstays are struggling to stay afloat – either by freezing hiring, cutting staff loose altogether, or freezing exchanges and withdrawals “to protect consumers.” However, not all companies are feeling...Read More
Earlier today, Celsius Network halted all withdrawals, swaps, and transfers between accounts of its users, citing extreme market conditions. Now, rival crypto-lending company Nexo extends a letter of intent to buy all qualifying assets of the company. As CryptoPotato reported earlier today, one of the leading cryptocurrency lenders – Celsius Network – is facing major difficulties. Citing...Read More
Bitcoin Cash community members are able to borrow against their favorite digital asset in more than 40 fiat currencies across more than 200 jurisdictions. This is thanks to Nexo which now offers BCH Instant Crypto Credit Lines with one of the lowest annual percentage rates in the industry. Also Read: Save the Children Now Accepts...Read More
