Nexo's Continued Commitment to the U.K. Market

3 min read
Company

Since our inception in 2018, Nexo has been synonymous with trust and a strive for compliance with applicable laws and regulations. As the regulatory frameworks around the crypto domain evolve, traditional financial guidelines are gradually being adapted to better accommodate the unique dynamics of blockchain finance and the underlying technology.

Nexo is committed to maintaining its presence in the U.K. market and we regard our compliance responsibilities with the highest priority. In addition, for the betterment of all market participants, our collaborative dialogue with multiple FCA-authorised firms underscores a shared objective of fostering a thriving crypto ecosystem and symbolises a partnership that extends beyond mere compliance.

The U.K.'s Financial Promotions Regime, coming into effect on October 8, 2023, emphasises enhanced consumer protection measures, a principle Nexo has integrated into its operations, especially at a time when some entities have opted to halt their U.K. operations. This strategic alignment not only underscores our commitment to adhering to the highest standards of compliance but also reflects our readiness to adapt to evolving regulatory landscapes for the benefit of our esteemed clientele.

Nexo's preparedness in navigating these regulatory adjustments stands as a testament to our dedication to providing an innovative and user-friendly platform for our clients. Our intuitive interface, now fortified with enhanced measures in line with the FCA's guidelines, mirrors our unwavering commitment to ensuring a seamless user experience amidst evolving financial advertising landscapes.

In alignment with the FCA's guidelines, we are initiating the following product modifications by week's end by phasing out the following products only for Nexo’s U.K.-based clients:

  • Nexo Pro and Nexo Prime on October 6, 2023;
  • Cashback for Nexo Exchange and Nexo Card transactions, Referral and Affiliate Programs on October 8, 2023;

As always, our Earn, Borrow, Exchange, and Card products will continue to seamlessly cater to all our clients.

These adjustments concern only the aforementioned products and are reflective of Nexo's enduring mission to navigate the regulatory expanse diligently, thereby fortifying a long-term, stable ecosystem for our over 6 million clients globally.

We are committed to making this transition as smooth as possible for our U.K.-based customers, and we are here to provide the support you need, reaffirming our dedication to upholding the integrity of your assets with Nexo.

We understand the essence of trust and assurance in fostering a longstanding relationship with you. Trust is built and never assumed – this is why our team is constantly doubling down our efforts in this regard, with a few notable recent achievements. In September, we enriched the Nexo platform’s cloud infrastructure by attaining the Cloud Security Alliance’s STAR Level 1 Certification. This milestone, closely following the successful completion of the SOC 2 Type 2 audit and the 2019 ISO 27 001 standardisation, accentuates Nexo's unyielding commitment to transparent practices. Moreover, in a significant stride, Nexo joined the Association of Certified Sanctions Specialists (ACSS) – a testament to the company’s strong dedication to global sanctions compliance.

Your enduring trust and support propel Nexo and our community forward, empowering us to evolve, adapt, and thrive in the vibrant blockchain landscape with agility and integrity. Your loyalty is the cornerstone of our endeavours, inspiring us to continually elevate our standards while harnessing the boundless potential of blockchain technology and developing world-first products. As we go forward in a world swiftly embracing digital evolution, our pledge to uphold the zenith of compliance and client satisfaction remains steadfast.

Thank you for being an integral part of this remarkable, ever-unfolding journey.

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