Nexo

Nexo Slams $3 Billion Lawsuit Against Bulgaria, Citing Reputational and Financial Damages

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...
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After Office Raid, Bulgaria Drops All Charges Against Nexo

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...
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Nexo to Dissolve UK-Based Units in Restructuring Plans

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...
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Ohio Regulator Joins the Nationwide Settlement Against Crypto Platform Nexo

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...
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Nexo Reveals Date When it Will Halt Earn Program for US Customers

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...
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Nexo Agrees to Pay $45 Million in Fines to US Authorities

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...
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Distressed Crypto Firm Vauld Receives More Time to Present a Restructuring Plan (Report)

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...
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Nexo Turmoil Causing Tension in Bulgarian Parliament

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...
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Nexo is Leaving the United States Due to Regulatory Difficulties

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...
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Nexo’s Co-Founders Dismiss Insolvency Rumors, Reveal Expansion Plans

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...
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Crypto Lender Nexo Acquires Stake in US Chartered Bank

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...
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Nexo Issues Cease and Desist Notice to Anonymous Twitter User Over Recent Allegations

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...
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Nexo Taps Citibank for Assistance on Potential Acquisitions as Crypto Markets Struggle

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...
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Nexo Wants to Buy Qualifying Assets of Celsius Network After Withdrawal Freeze

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...
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Nexo Now Offers Bitcoin Cash Instant Crypto Credit Lines

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...
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