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BTCRepublic > News > Altcoins News > Nexo Resumes UK Registrations After 10-Month FCA Compliance Pause
Altcoins News

Nexo Resumes UK Registrations After 10-Month FCA Compliance Pause

Hassan
Last updated: October 28, 2024 4:05 pm
Hassan
Published: September 3, 2024
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Disclosure: BTCRepublic provides analysis and forecasts but does not offer investment advice. Our content is for informational purposes only. Please conduct your own thorough research and consult with a financial advisor before making any investment in cryptocurrency.
Nexo Resumes UK Registrations After 10-Month FCA Compliance Pause
Highlights
  • Nexo cryptocurrency lending platform resumes registration of new UK clients after full FCA compliance.
  • Nexo halted onboarding new UK clients last year due to failure to meet all FCA guidelines.
  • The lending platform has changed its registration process for new customers and introduced mandatory questionnaires for all users.

The Nexo cryptocurrency platform has resumed registration of new UK clients today after pausing for about 10 months due to compliance issues with the Financial Conduct Authority (FCA).

Contents
Nexo Resumes Onboarding New UK Clients After Aligning With FCA’s GuidelinesNexo Now In Full Compliance With FCA’s GuidelinesNew Registration Process For Clients

Nexo Resumes Onboarding New UK Clients After Aligning With FCA’s Guidelines

On Tuesday, September 3, 2024, the Nexo cryptocurrency lending platform announced that it has resumed onboarding new UK clients after it upgraded its platform to observe full compliance with the FCA’s Guidelines.

Last October, Nexo paused onboarding new UK clients. This happened a few days before the FCA enforced new rules for financial promotions on October 8, 2023. 

The guideline stipulated that all crypto-related firms must register for self-approval of financial promotions and advertisements and also upgrade their platforms to allow new clients to have at least 24 hrs to reconsider their investment decisions.

Being unable to align with the new rules proposed by the FCA quickly, Nexo decided to pause the registration of new UK clients instead. However, the platform maintained the accounts of existing UK users.

Nexo was not the only company affected by the new guidelines. Other affected companies include Luno, Coinbase, Bybit, Binance, and Paypal. While Binance and Coinbase removed news feeds for UK users, Bybit exited the country.

Interestingly, Nexo has announced that it has implemented all necessary requirements set by the FCA’s guidelines and has resumed taking new customers.

Nexo Now In Full Compliance With FCA’s Guidelines

Although Nexo has stopped taking new UK customers, the company sees the UK as its cornerstone market, as stated by Elitsa Taskova, the company’s chief product officer.

Antoni Trenchev, Nexo co-founder, also declared that the company won’t leave the European markets.

As part of its restructuring process, Nexo dissolved Nexo Clearing and Nexo Financial Services Limited, its UK subsidiaries.

According to the announcement, Nexo has upgraded its system to comply with all FCA guidelines, including sending risk warnings to clients, introducing cool-off periods, and so on.

To fully align with the financial promotion rules, Nexo has partnered with Gateway 21 for promotions and advertisement approvals.

New Registration Process For Clients

The new Nexo’s registration process for clients now follows a simple checklist, which new customers can easily follow step-by-step. 

All UK users were asked to fill out some sets of assessment questionnaires to categorize them into three groups: certified sophisticated investors, high-net-worth investors, and restricted investors.

The categorizing process was completed on July 16 July. Also, to enjoy continuous access to products and services, all UK users must fill out an “Investor Categorisation and Appropriateness Assessment” form.

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Hassan Raza
ByHassan
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Hassan, a medical doctor by profession, resides in Ireland. However, his passion lies in writing about finance, technology, and cryptocurrencies during his spare time. While he has written numerous articles in the medical field, crypto captivates him far more.
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