Update for Canadian Clients

2 min read

Since its inception in 2018, Nexo has strived for uncompromising compliance in every jurisdiction where we offer services. Today, governments are beginning to define legal infrastructures for crypto, which are based on rules created for TradFi, and in some cases are only just beginning to be adapted to the blockchain ecosystem. Because of this, we have decided to withdraw from such markets until their regulations for crypto become clearer, pass the live test phase, and are tuned to accommodate a broad range of crypto operations. Thus, we can re-enter some jurisdictions and ensure our products’ impeccable compliance.

As part of our cooperative approach with the British Columbia Securities Commission (BCSC), a member of the Canadian Securities Administrators, we are announcing the regrettable but necessary decision that Nexo will be phasing out its products and services in Canada. As a result, the following changes will come into effect in the upcoming months:

  • We will no longer be onboarding new Canada-based clients from April 15, 2023.
  • Аs of May 1, 2023, our Earn Interest Product (EIP) will no longer be available for assets added to the Nexo platform after this date.
  • Following our announcement in April, on August 1, 2023, we are stopping the Nexo Exchange, Nexo Prime and Nexo Pro for Canadian clients. Тhis is a natural step, in line with our announcement in April 2023, to gradually phase out our presence in the Canadian market.

If you have an open credit line: Rest assured that clients who have outstanding credit are being given ample time and notice to repay their loans and withdraw collateralized assets; and as we will be gradually phasing out our products, you can start to plan accordingly.

The above considerations apply solely to Canada-based clients, so all clients residing outside Canada continue to enjoy the full suite of Nexo’s services.

If you are not a Canadian client

If you believe that your account has wrongfully been flagged as Canada-based, you must update your verification details by providing a document from the list below as soon as possible. You can send the required information to [email protected] using the email address registered on your Nexo account:

  • A bank statement or credit/debit card statement
  • A utility bill
  • Your most recent federal or provincial tax assessment (issued within 2022/2023)
  • A current tenancy agreement
  • An insurance statement

All acceptable supporting documents except the tax assessment notice, as indicated above, should be dated within the past three months and should show your residential address along with your name.

The above course of action reflects our belief that the development of time-tested and business-friendly regulatory frameworks is the best way to protect both the crypto industry and users’ interests, and usher it into the mainstream safely and compliantly. We trust our cooperative approach to the relevant regulatory bodies will allow us to provide you with our industry-leading offering in the near future.

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