According to recent documents, London-based crypto lending business Nexo has completed legal proceedings to remove Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd. from the United Kingdom’s register of companies.
In addition, according to a recent Bloomberg report, Nexo co-founder Antoni Trenchev stated that the company is in the process of restructuring, but the firm does not intend to leave the country at this time.
Nexo Terminates Its Presence in the United Kingdom
Launched in 2018, Nexo shares with investors that it has more than 5 million customers and continues to offer services such as crypto lending, custody, loans, yield investments and debit cards. According to data released by accounting firm Moore Johannesburg on Thursday, the firm is responsible for managing investments totaling nearly $2 billion on its platform.
In January this year, prosecutors in Bulgaria filed criminal charges against four people in connection with their investigation into Nexo. These Bulgarian nationals were accused of forming an organized criminal gang involved in tax evasion and cyber fraud, as well as money laundering and illegal banking activities.
However, some time after the accusations, Trenchev, a well-known former Bulgarian legislator, called the allegations “ridiculous”.
Was the Company a Regulatory Victim?
Nexo announced in December last year that it would stop offering its products and services in the US. However, it later reached an agreement with the US Securities and Exchange Commission (SEC) and state authorities to pay fines totaling $45 million to settle allegations that it violated securities laws in the country.
Currently, the company operates across three locations. It consists of approximately 600 employees: London, the United Arab Emirates and Bulgaria. Following this crypto news, the price of Nexo’s native cryptocurrency has dropped by 0.78% in the last hour and is currently trading at $0.65.
