Nexo Restarts Client Registrations in the United Kingdom After 10-Month Halt

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.

Cryptocurrency lender Nexo has resumed accepting new clients in the United Kingdom after a 10-month hiatus. The delay was initially triggered in December 2023 due to changes in regulatory requirements.

To legally operate in the UK, Nexo had to adapt its processes to meet the Financial Conduct Authority's (FCA) compliance standards. These modifications, made in collaboration with Gateway 21, a UK financial promotion approver, include cool-off periods, specific risk alerts, and other mandated compliance procedures.

Highlighting the company's commitment to the UK market, Elitsa Taskova, Nexo's Chief Product Officer, said, “The UK has long been a cornerstone market for Nexo, and our commitment to our clients here remains resolute.”

Enhancing Client Relationships through Education

In a bid to strengthen its relationships with UK clients, Nexo will be rolling out specialized educational initiatives. These programs are designed to help clients navigate the complexities of digital assets and understand the updated onboarding process.

“We are deeply committed to providing our clients with unparalleled accessibility to professional knowledge and support, enabling them to make well-informed decisions,” Taskova added.

The political landscape in the UK has seen a significant shift, with the Labour Party emerging victorious in the general election after 14 years in opposition. This transition has brought about stricter cryptocurrency regulations, which companies like Nexo must adhere to.

In response, other companies, such as Coinbase and Binance, have adjusted their services, while others, like Bybit, have completely withdrawn from the UK market.

The suspension, which began in late 2023, allowed Nexo to bolster its technological infrastructure and enhance the registration process for UK clients. According to a Nexo spokesperson, the pause was intended to ensure a seamless customer experience while meeting the new requirements. To implement these improvements, the company worked closely with Gateway 21, an FCA-authorized financial promotion approver.

Within the United Kingdom, Nexo has faced regulatory challenges, as have other companies. Coinbase was fined £3.5 million by the FCA for breaches related to “High-Risk” customers, while PayPal and Bybit have also scaled back their crypto services in the region.

With its proactive commitment to compliance and customer education, Nexo positions itself as a responsible operator within the UK's evolving cryptocurrency market.

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