- Nexo resumes UK operations following a ten-month suspension, enhanced by FCA-compliant upgrades.
- The UK’s shifting political landscape and stricter crypto regulations have led several firms to adapt to the market.
Following a recent upgrade to meet the Financial Conduct Authority (FCA) compliance guidelines, Nexo a centralized crypto lender resumes UK client registrations on Tuesday. This is done after a ten-month pause in the onboarding process.
Nexo suspended new user registrations in the UK in December 2023 due to changes in local regulatory guidelines. The move was likely a response to the UK’s tightening regulations on cryptocurrency and financial services, as companies were required to comply with stricter rules to continue operating legally within the country.
The upgrades were applied in collaboration with Gateway 21, an FCA-authorized and regulated financial promotion approver. Such providers are used by many crypto firms to certify UK compliance. It aims to foster risk awareness and uphold the highest standards of client care in the United Kingdom market. With these updates, there are a few changes including cool-off periods specialized risk warnings for the UK clients, and mandatory compliance measures.
Taskova stated,
“We are deeply invested in cultivating and strengthening our relationships here, empowering our clients to make well-informed decisions with unparalleled access to expert knowledge and support.”
UK Shifting Signal Towards Crypto Regulation
Rishi Sunak’s Conservative party was defeated by the Labour Party in the recent UK general election. The Labour Party has been out of power for continuous fourteen years. Since Keir Starmer stepped in, there has been a similar shift in the UK’s domestic cryptocurrency industry.
Crypto didn’t dominate in the UK, but the Labour Party seemed to advocate for a more competitive market. In response to new regulations, crypto exchanges such as Coinbase and Binance removed news feeds for UK residents to avoid regulatory issues. Meanwhile, companies like PayPal and Revolut struggled with the changes, and Bybit even decided to exit the UK market entirely.
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