Nexo resumes onboarding UK customers in full FCA compliance

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Nexo, a leading digital asset services provider, has resumed accepting new customer registrations in the United Kingdom from September 3, 2024, the firm said in a statement on Tuesday. The move comes after Nexo implemented platform upgrades to comply with Financial Conduct Authority (FCA) guidelines.

As mentioned by Nexo, these updates include the introduction of cooling periods, specialized risk warning messages and other mandatory compliance measures. These upgrades have been implemented with the support of Gateway 21, a finance promotion enabler in the UK.

By resuming new customer registrations in the UK, Nexo wishes to reaffirm its commitment to the UK market and its customers.

“The UK has long been a core market for Nexo and our commitment to our customers here remains strong,” 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 by the FCA. As a result, while existing users were able to keep their accounts, Nexo stopped accepting new UK customers.

“When faced with rigorous but necessary regulation, we have chosen to stand firm, diligently adapting our platform to meet these stringent requirements. This determination has allowed us to continue to provide the unparalleled services that define Nexo,” noted Taskova.

Nexo also aims to strengthen its relationships with UK customers through education and support. The company plans to provide customized educational resources and support channels to help customers 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,” said Taskova.

“Through a range of educational resources and tailored materials, we aim to equip them to navigate the complexities of the digital asset space and our newly enhanced UK-specific onboarding process with confidence and clarity,” she added.

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