Nexo’s new onboarding process follows FCA requirements, improving user risk awareness. The platform’s 10-month halt allowed for a full modify to meet UK regulatory standards. Nexo, a centralized cryptocurrency lender, has restarted client registrations in the United Kingdom after a 10-month halt. The delay was first triggered in December 2023 owing to changes in regulatory requirements. Nexo has now improved its operations to satisfy Financial Conduct Authority (FCA) compliance standards, allowing it to lawfully operate in the UK. The modifications, created in partnership with Gateway 21, a UK financial promotion approver, include cool-off periods, specific risk alerts, and other mandatory compliance procedures. Elitsa Taskova, Nexo’s Chief Product Officer, highlighted the company’s
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Emily John considers the following as important: cryptocurrency, defi, fca, FinTech & Blockchain, nexo, paypal, Regulations, uk
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- Nexo’s new onboarding process follows FCA requirements, improving user risk awareness.
- The platform’s 10-month halt allowed for a full modify to meet UK regulatory standards.
Nexo, a centralized cryptocurrency lender, has restarted client registrations in the United Kingdom after a 10-month halt. The delay was first triggered in December 2023 owing to changes in regulatory requirements. Nexo has now improved its operations to satisfy Financial Conduct Authority (FCA) compliance standards, allowing it to lawfully operate in the UK.
The modifications, created in partnership with Gateway 21, a UK financial promotion approver, include cool-off periods, specific risk alerts, and other mandatory compliance procedures. Elitsa Taskova, Nexo’s Chief Product Officer, highlighted the company’s commitment to the UK market, saying, “The UK has long been a cornerstone market for Nexo, and our commitment to our clients here remains resolute.”
Strengthening Client Relationships through Education
Nexo intends to strengthen its relationships with UK clients by providing specialized instructional tools. These initiatives aim to assist clients in navigating the complicated world of digital assets as well as understanding the updated onboarding procedure.
Taskova stated, “We are deeply committed to providing our clients with unparalleled accessibility to professional knowledge and support, enabling them to make well-informed decisions.
The UK’s political environment has shifted dramatically, with the Labour Party winning the general election after 14 years out of power. This transition has resulted in tougher cryptocurrency laws, requiring companies like Nexo to adjust. Other companies, such as Coinbase and Binance, have responded by modifying their services, while others, like Bybit, have completely abandoned the UK market.
The suspension, which began in late 2023, enabled Nexo to strengthen its technological base and improve the registration process for UK clients. A Nexo spokeswoman highlighted that the interruption was meant to provide a smooth customer experience while complying with the new requirements. The company worked with Gateway 21, an FCA-authorized financial promotion approver, to put these improvements into effect.
Nexo is not alone in confronting regulatory hurdles in the United Kingdom. Coinbase was fined £3.5 million by the FCA for violations involving “High-Risk” consumers, and PayPal and Bybit have also reduced their crypto services in the region.
Nexo’s proactive commitment to compliance and customer education identifies it as a responsible operator in the UK’s evolving cryptocurrency market.