Oct 31, 2024
Business
Nexo Sheds Crypto Lender Label, Rebrands as a ‘Digital Asset Wealth Platform’
Crypto lender Nexo has rebranded itself as a “digital assets wealth platform” as it attempts to pivot from headwinds faced in prior years, aiming to boost its clientele amid heightened investor interest in the industry. Nexo told Decrypt it has refreshed its website and logo and has updated its user interface with an emphasis on flexibility and compliance (disclaimer: Nexo is one of 22 investors in an editorially independent Decrypt). The company says it has served more than 7 million users worl...
Aug 31, 2023
Business
Nexo Rolls Out 'Dual Mode' for its Flagship Crypto Card
Nexo today unveiled a "dual mode" capability for its crypto card, combining both debit and credit functionality The new functionality is now live to the public after an exclusive early access stage and is available to citizens and residents of the European Economic Area (EEA). According to the company, as many as 11,000 users have activated the Nexo Card during the early access stage. Nexo further stressed that to qualify, users must pass an identity verification procedure using a valid identity...
Jan 20, 2023
DeFi
Nexo Settles with SEC, Will Pay $45 Million and Kill Crypto Lending Product
It has been a tough week for Nexo Capital. On Sunday, Bulgarian authorities said they have evidence of Nexo customers using the platform for illegal activities, including laundering money, “tax offenses,” and financing terrorist activities. Claims the crypto lender denies. Adding to Nexo’s headache, the Securities and Exchange Commission charged the crypto lending firm on Thursday with selling unregistered securities, saying the company failed to register with the SEC before offering its plainly...
Jan 16, 2023
Business
Bulgaria’s Prosecutor General Insists Nexo Investigation Isn't Political
There is no political aspect to the investigation into crypto lender Nexo, a spokesperson for Bulgaria’s Prosecutor General has insisted, according to local reports. “It has become a national sport to attack the institutions,” the spokesperson Siika Mileva added. Last week, the company said it believed the large-scale action taken against it, which included a raid on its offices in Sofia and the charging of four people with various offenses, were politically motivated. Nexo lets users earn inte...
Jan 12, 2023
Business
Nexo Under Investigation in Bulgaria for Alleged Money Laundering, Tax Offenses
Crypto lender Nexo has found itself the subject of a large-scale investigation in Bulgaria, as prosecutors look into possible money laundering, tax offenses, computer fraud, and other crimes. Over 300 people are involved in the operation in the country’s capital city of Sofia, according to a statement by the Bulgarian Prosecutor’s Office. "Active investigation actions are underway in the capital to neutralize illegal criminal activity of the Nexo crypto bank," reads a rough translation of the st...
Dec 8, 2022
Coins
Nexo Token Up 5% on Ethereum 'Smart Staking' Launch
The native token of crypto lending platform Nexo has jumped by around 5.3% following the launch of its Ethereum Smart Staking product. Nexo's Ethereum Smart Staking enables users to swap ETH for Nexo Staked ETH (NETH) and receive staking rewards of between 4% and 12% APY, paid out in NETH. Nexo is one of 22 investors in Decrypt. At its current price of $0.66, per CoinGecko, NEXO is up around 2% on the week, though it has fallen by a third from its price of $1 at the start of November and has sli...
Nov 21, 2022
Business
Investors Sue Nexo For Blocking $126 Million in Funds in March 2021
Nexo is being sued in London by a family of fintech entrepreneurs who allege that it froze their ability to withdraw up to £107 million ($126 million) of their assets and then intimidated them into selling it all to the crypto lender at a 60% discount. According to a report by City AM, brothers Jason and Owen and cousin Shane Morton together held millions of Nexo’s NEXO token, along with tens of millions in Bitcoin and other cryptocurrencies. They claim to have first aired concerns about Nexo’s...