Nexo, a cryptocurrency lending company, has announced that it has resumed registering customers from the UK. This step was made possible due to changes agreed with the British Financial Conduct Authority (FCA), The Block reports.
Earlier, in December 2023, Nexo suspended accepting new customers from the UK due to new FCA regulatory requirements aimed at controlling the advertising and promotion of cryptocurrency products. To comply with these requirements, Nexo engaged Gateway 21, an FCA-accredited intermediary, to help the company adapt its marketing strategies to UK regulations.
The updated procedures include informing clients about the risks and conducting a questionnaire to ensure they are correctly categorised. These measures are part of standard practice for cryptocurrency companies operating in the UK.
Elitsa Taskova, Chief Procurement Officer at Nexo, noted that they provide clients with extensive educational materials and resources to help them better navigate the digital asset space and the newly adapted registration process specifically designed for UK users.
With an FCA report indicating that 450 warnings were issued for breaches of advertising laws between October and December 2023, the company is highlighting the importance of the UK as a key market for their business.
Source of information and photo: theblock