Breaking: Crypto Lending Giant Nexo To Shut Down UK Offices

According to recent documents, the London-based crypto lending business Nexo has completed legalities to remove Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd. from the United Kingdom’s companies register. Additionally, as per a recent Bloomberg report, Nexo co-founder Antoni Trenchev stated that the company was undergoing a restructuring process, however, the firm did not intend to leave the country at this time.
Nexo Dissolves UK Entities
Nexo, which launched in 2018, claims to have more than 5 million customers and provides services including crypto lending, custody, loans, yield-generating investments, and debit cards. According to an attestation that was supplied by the accounting firm Moore Johannesburg on Thursday, the firm is responsible for the management of assets totaling around $2 billion on its platform.
Read More: Empower Oversight Sues US SEC Over Selective Enforcement On Crypto
In January of this year, prosecuting solicitors in Bulgaria brought charges against four individuals in connection with their investigation into Nexo. The Bulgarian nationals have been accused of constructing an organized crime gang that was involved in tax and cyber fraud, as well as money laundering & illegal banking activities. Nonetheless, after further reflection, Trenchev — a noted former legislator in Bulgaria — referred to the allegations as “ludicrous.”
Growing Regulatory Hurdles
Nexo announced in December last year that it would cease offering its products and services in the United States. But, it later reached an agreement to pay the US Securities and Exchange Commission (SEC) and state authorities a total of $45 million in fines to settle claims of violating securities laws in the country.
At the moment, the company is made up of around 600 workers who are dispersed across three locations: London, the United Arab Emirates, and Bulgaria. In the wake of this crypto news, the price of Nexo’s native cryptocurrency has dropped by 0.78% in the past one hour and is currently exchanging hands at $0.65.
Also Read: Binance CEO CZ Hints At Ethereum Price Rally Over This Key Factor
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying