The post Nexo Meets UK Crypto Regulation Criteria, Welcomes New Users After 10 months appeared first on Coinpedia Fintech News

Nexo, a leading digital asset service provider, has resumed accepting new client registrations in the United Kingdom starting September 3, 2024, after a 10-month pause in the onboarding process. The move comes after Nexo implemented platform upgrades to comply with the FCA guidelines.

Read on for all the details.

User Safety Remains a Priority

These updates include the introduction of cool-off periods, specialized risk warning messages, and other mandatory compliance measures. Users also need to complete an investor categorization questionnaire and appropriateness assessment before using the platform. These upgrades were implemented in collaboration with Gateway 21, an FCA-authorized and regulated financial promotion approver in the UK.

“The UK has long been a cornerstone market for Nexo, and our commitment to our clients here remains resolute. When faced with rigorous yet necessary regulation, we chose to stand firm, diligently adapting our platform to meet these stringent requirements,” Nexo CPO Elitsa Taskova underscored in a statement.

UK’s New Crypto Framework

In February, the UK government proposed a new regulatory framework that requires FCA authorization for crypto firms and joint supervision for systemic stablecoins. In response, Nexo had paused new customer onboarding in the UK to comply with these updated financial promotion regulations. Existing users could keep their accounts, but new registrations were halted until the platform could meet FCA standards.

The 10-month pause allowed Nexo to adjust its onboarding process, making it more aligned with FCA rules and enhancing user awareness of risks associated with crypto investments.

Strengthening Client Relationships

Beyond compliance, Nexo is also focused on strengthening its relationships with UK clients by offering tailored educational resources and support.

“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.”

Through these educational initiatives, Nexo aims to help clients better understand digital assets, providing a safer and more informed investment experience.

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Is this a positive step for the UK crypto market? Let us know your thoughts.

The post Nexo Meets UK Crypto Regulation Criteria, Welcomes New Users After 10 months appeared first on Coinpedia.org.