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London-based Nexo Restructures Operations in Response to European Legal Challenges
Fri, 12 May 2023, 02:12 am UTC
Nexo, the London-based cryptocurrency lender, has decided to dissolve two of its UK entities due to legal uncertainty prevailing in other parts of Europe.
Recent filings reveal that Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd. will be removed from the UK companies register.
Antoni Trenchev, co-founder of Nexo, clarified that the company is currently undergoing restructuring and reevaluating its approach to client services. However, it has no intentions of exiting the UK market.
This development follows the Bulgarian prosecutors charging four individuals earlier this year as part of an investigation into Nexo.
The accused individuals face charges related to the formation of an organized crime group involved in activities such as money laundering, unlicensed banking, tax evasion, and computer crime.
Trenchev, a former Bulgarian lawmaker, vehemently dismissed these charges as "ludicrous."
Established in 2018, Nexo offers a range of services including cryptocurrency trading, custody, loans, interest-earning products, and debit card services, serving more than 5 million users globally.
As confirmed by accounting firm Moore Johannesburg last Thursday, the company manages approximately $2 billion in assets on its platform.
Trenchev mentioned that Nexo currently employs over 600 people across Bulgaria, the United Arab Emirates, and London.
Earlier, the company had announced its decision to phase out products and services in the US. It also agreed to pay $45 million in penalties to the Securities and Exchange Commission and state authorities following allegations of violating securities regulations.
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