Nexo – a popular cryptocurrency lending platform – is dissolving two business units based in the United Kingdom while it deals with regulatory issues in other parts of Europe and North America.
The latest steps are part of a “restructuring” effort that will still involve Nexo continuing operations within the country.
As reported by BNN Bloomberg, filings from this month show that the lender has applied to remove both Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd from the UK companies register.
In messages to Bloomberg, Nexo co-founder Antoni Trenchev explained that his company was “doing some restructuring” and “rethinking the way we go about servicing clients.”
Besides crypto trading and custody, Nexo offers a number of crypto-based financial products to its clients, including debit card services, borrowing, and savings accounts. These savings accounts can offer “up to 15% APR on your crypto,” according to its website, with yields sometimes
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