Nexo Resumes Accepting New Client Registrations in the UK After 10-Month Pause

Nexo, a leading digital asset service provider, has resumed accepting new client registrations in the United Kingdom starting September 3, 2024

Digital asset service provider Nexo has resumed accepting new client registrations in the United Kingdom, effective September 3, 2024.

The move comes after a 10-month pause in the onboarding process, which was implemented to comply with the UK Financial Conduct Authority’s (FCA) guidelines. These updates include the introduction of cool-off periods, specialized risk warning messages, and other mandatory compliance measures. Users will also need to complete an investor categorization questionnaire and appropriateness assessment before using the platform. The upgrades were implemented in collaboration with Gateway 21, an FCA-authorized and regulated financial promotion approver in the UK.

“The UK has long been a cornerstone market for Nexo, and our commitment to our clients here remains resolute. When faced with rigorous yet necessary regulation, we chose to stand firm, diligently adapting our platform to meet these stringent requirements,” Nexo CPO Elitsa Taskova said in a statement.

The UK government proposed a new crypto regulatory framework in February, which would require FCA authorization for crypto firms and include co-supervision for systemic stablecoins. Nexo had previously suspended onboarding new customers in the UK due to the need to comply with new financial promotion regulations set forth by the FCA. As a result, while existing users were able to maintain their accounts, Nexo stopped accepting new UK clients.

The crypto lending platform's 10-month pause enabled Nexo to realign its onboarding process with the FCA’s regulatory guidelines. Moreover, the new approach will enhance user risk awareness, ultimately improving the overall crypto adoption process in the UK.

Taskova also included in the statement: “We are deeply invested in cultivating and strengthening our relationships here, empowering our clients to make well-informed decisions with unparalleled access to expert knowledge and support.”

Moreover, Nexo also aims to strengthen its relationships with UK clients through education and support. The company plans to provide tailored educational resources and support channels to help clients understand and navigate the complexities of digital assets.

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