Coinspeaker
Nexo Secures Italian Operating License
Crypto lender Nexo has announced the receipt of an Italian operating license. Issued by the Organismo Agenti e Mediatori (OAM), the ‘virtual currency operator’ license allows Nexo to provide its services to Italian citizens legally.
The license continues Nexo’s drive for global compliance and regulation. Co-founder and Managing Partner of Nexo, Antoni Trenchev said, ”Over the years, Nexo has maintained excellent standing with regulators across the globe through our continuous license acquisition effort.”
A testament to this is Nexo’s position in the wake of the FTX collapse. Recall that following the collapse, there’s been pressure on exchanges to show their proof of reserves. While Binance did so, Nexo did better by showing its liabilities.
According to the audit, the Swiss-based company has $3.4 billion in customer liabilities, each of which is 100% collateralized by assets. Also, the firm advised businesses to avoid un
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