Despite FTX chaos, Italy welcomes crypto lender Nexo

abdelaziz Fathi

Crypto lender Nexo has won regulatory approval from Italy’s financial regulators, allowing the exchange to continue serving Italian customers.

Nexo Card

Nexo had registered its business as a digital asset provider in Italy, following in the tracks of rivals who joined a special registry with brokerage regulator Organismo degli Agenti e dei Mediatori (OAM).

The approval allows the company to offer a suite of products and services to Italian customers, as well as open offices and expand its team in the country.

Nexo follows in the footsteps of other crypto firms that have recently secured clearance from OAM, as required by newly updated regulations on crypto assets. The list includes Binance, Coinbase, Blockchain.com, BitMEX and Bitstamp.

The applicants are required to submit disclosures of a variety of data, including those relating to client identification and transactions on a quarterly basis. In case of non-compliance with the regulatory requirements, the operator may be subject to financial sanctions and its website may blocked by the internet providers.

“This registration in Italy is part of our master plan to strengthen our presence in the country and improve the robustness of our compliance across Europe. In this respect, we aim to lead by example with our top-tier regulatory and compliance infrastructure and by actively participating in the establishment of a functional, useful, and beneficial regulatory framework for crypto. This is what gives our clients and partners the highest level of security and trust,” said Antoni Trenchev, co-founder and managing partner of Nexo, in a statement.

This OAM registration in Italy represents a major step forward in the lender’s European expansion. It also comes at a time when US regulators are investigating Nexo for allegedly failing to register its Earn Interest Product.

Eight state regulators highlighted that Nexo promotes annual interest rates of up to 36% on crypto deposits, which are significantly higher than rates for short-term, investment-grade, fixed-income securities or bank savings accounts.

Nexo replied to these allegations, elaborating that since the SEC guidance on earn products in February 2022, it has voluntarily ceased the onboarding of new U.S. clients for Earn Interest Product as well as stopped the product for new balances for existing clients.

The effort continues a yearlong battle by California and other state watchdogs to bring crypto interest accounts under their regulatory domain. Bankrupt lender BlockFi was the first lender to fall under their microscope and it ultimately settled with state and federal regulators.

Read this next

blockdag

BlockDAG’s Impressive 30,000x ROI Potential and Moon-Based Keynote Captivate Solana And Bitcoin Cash Crypto Investors

Discover BlockDAG’s impressive moon keynote launch and its promise of a 30,000x ROI that is drawing investors from Solana and Bitcoin Cash.

Market News

This is it, the USD Strength has Come to an End

In the aftermath of Israel’s retaliatory strikes in Iran, the currency markets have entered a phase of heightened volatility, reflecting the intricate interplay between geopolitical tensions and economic fundamentals.

blockdag

BlockDAG Leads DeFi Innovation with $19M Presale, Overshadowing Cardano and Binance Coin With 30,000x ROI and DAG Structure

Learn about BlockDAG’s growth in its presale, surpassing $19M, and its impact on the DeFi landscape, overshadowing movements in Cardano and Binance Coin (BNB).

blockdag

BlockDAG Offering a Fresh Take on Meme Coin Development Amid Solana’s Challenges and Floki Inu’s Price Fluctuations With 30,000x ROI

Dive into how BlockDAG’s innovative presale, low-code platforms, and potential 30,000x ROI, outperform Solana’s technical hurdles and Floki Inu’s market predictions.

blockdag

BlockDAG Excels With $2.2M In Miner Sales And Moonshot Teaser, Overshadowing Litecoin’s Rally And Dogwifhat’s Market Highs

Explore how BlockDAG’s $2 million Miner Sales & Moonshot Teaser eclipse the Litecoin price recovery and the Dogwifhat all-time high.

blockdag

BlockDAG Leads Top 6 Cryptocurrencies to Buy in 2024 with a Potential Price Surge to $10 Leaving Cosmos, BNB, and Ethereum Behind

Discover the top six cryptocurrencies in 2024, including BDAG’s remarkable growth potential, BNB’s durability, Cosmos’ connectivity, and ETH’s eco-friendly advances.

Retail FX

Weekly Roundup: Prop firm arbitrarily accounts, Interactive Brokers’ CFDs in Japan

FX, Fintech and cryptocurrency markets have been bustling with activity over the past week, as is often the case. Keep yourself informed and ahead of the curve with a curated selection of crucial stories and developments that are most relevant to those engaged in the markets.

blockdag

BlockDAG Redefines Crypto Mining as Presale Tops $18.5M, Outshining Ethereum ETF & Dogecoin Dynamics

The recent approval of the first Ethereum ETF in Hong Kong underscores a significant advancement in the cryptocurrency’s mainstream acceptance. While Ethereum continues to attract institutional attention, the Dogecoin price prediction suggests a possible resurgence, despite its current undervaluation from past highs.

Digital Assets

Bitcoin halving is done: ViaBTC mines historic block 840K

The Bitcoin network has confirmed its fourth-ever halving block, mined by the cryptocurrency pool ViaBTC, according to data from Blockchain.com. This significant event in the Bitcoin ecosystem reduced the mining reward by half, a deflationary measure occurring approximately every four years to control the issuance of new bitcoins and curb inflation.

<