Nexo resumes onboarding of UK clients with full FCA compliance
Key Takeaways
Nexo resumes UK client registrations with updated compliance measures.
The company recognizes the importance of educating clients about the regulatory framework and aims to provide tailored educational resources to help clients make informed decisions.
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Nexo, a leading digital asset service provider, has resumed accepting new client registrations in the United Kingdom starting September 3, 2024, said the firm in a Tuesday statement. The move comes after Nexo implemented platform upgrades to comply with Financial Conduct Authority (FCA) guidelines.
As noted by Nexo, these updates include the introduction of cool-off periods, specialized risk warning messages, and other mandatory compliance measures. These upgrades were implemented with the support of Gateway 21, a financial promotion approver in the UK.
Through the resumption of new UK client registrations, Nexo wants to reaffirm its commitment to the UK market and its clients.
“The UK has long been a cornerstone market for Nexo, and our commitment to our clients here remains resolute,” said Elitsa Taskova, Chief Product Officer at Nexo.
The UK government proposed a new crypto regulatory framework in February, requiring FCA authorization for crypto firms and including co-supervision for systemic stablecoins.
Nexo’s previous decision to suspend onboarding for new customers in the UK was influenced by the need to comply with new financial promotion regulations set forth by the FCA. As a result, while existing users were able to maintain their accounts, Nexo stopped accepting new UK clients.
“When faced with rigorous yet necessary regulation, we chose to stand firm, diligently adapting our platform to meet these stringent requirements. This determination has enabled us to continue delivering the unparalleled services that define Nexo,” Taskova noted.
Nexo also aims to strengthen its relationships with UK clients through education and support. The company plans to provide tailored educational resources and support channels to help clients understand and navigate the complexities of digital assets.
“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,” Taskova stated.
“Through an array of educational resources and tailored materials, we aim to equip them to navigate the intricacies of the digital asset space and our newly enhanced UK-specific onboarding process with confidence and clarity,” she added.
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