Tag Archives: nexo

2022 saw the implosion of numerous cryptocurrency lenders, perhaps none more devastating for investors than the Celsius crash. What followed was a year-long violent bear market with depressed prices and little to no actual activity within the industry. Two years later, the landscape is entirely different. The entire market cap has more than tripled in the past several months, while BTC is closing on its all-time high against the dollar of $69,000. During the Crypto Expo...

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 its subsidiaries filed an arbitration claim with the International Center for Settlement of Investment Disputes...

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 banking services without license. Nexo Cleared Of All Accusations Per the prosecution...

Nexo’s futures markets aren’t targeted at high-leverage traders of existing perps exchanges. Rather, they’re designed for Nexo’s existing customer base, as well as users of other exchanges who’ve yet to experiment with leveraged products. Crypto exchange Nexo has expanded its core products with the introduction of futures trading. The exchange now allows its users to trade more than 70 assets with leverage. Nexo’s futures markets have been designed for users who may have no previous...

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 Bloomberg, filings from this month show that the lender has applied to remove both Nexo Financial Services Ltd. and Nexo Clearing and...

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 states that claimed the cryptocurrency firm violated some rules when offering Earn Interest...

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 on a no-admit-no-deny basis and closed all multi-year-long inquiries” into the crypto lender. The company now announced that it will stop the Earn Interest Product for all...

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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 contrary, numerous MPs claimed that members of GERB have intentionally launched such attacks against their rivals to...

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