- Nexo has over 5 million users and offers a wide range of cryptocurrency-related services.
- The firm settled charges of breaking US securities laws by paying $45M last year.
Recently released records indicate that London-based crypto lending firm Nexo has completed the necessary procedures to have its subsidiaries, Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd., removed from the United Kingdom’s companies register.
Nexo co-founder Antoni Trenchev was quoted in a recent Bloomberg article as saying the business was through a reorganization process but had no plans to leave the nation. Launched in 2018, Nexo has over 5 million users and offers a wide range of cryptocurrency-related services, including lending, custody, loans, investment opportunities, and debit cards.
Troubles in the Past
Moore Johannesburg, a South African accounting firm, attested on Thursday that the company managed assets worth close to $2 billion on its platform. In January of this year, Bulgarian prosecutors filed charges against four people they had been investigating for ties to Nexo.
In addition to tax and online fraud, Bulgarian nationals are suspected of engaging in money laundering and unlawful banking operations as part of an organized criminal ring. After giving it some more thought, however, the prominent former Bulgarian lawmaker Trenchev dismissed the claims as “ludicrous.”
In December of last year, Nexo declared that company will no longer be selling products inside the United States. However, it eventually settled charges of breaking US securities laws by agreeing to pay a total of $45 million in penalties to the US Securities and Exchange Commission (SEC) and state authorities.
There are now roughly 600 people employed by the organization in three different countries: London, the United Arab Emirates, and Bulgaria.
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