Nexo will continue to onboard UK customers with full FCA compliance
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Nexo will continue with updated fulfillment measures for UK customer registrations. The company recognizes the importance of educating clients about the regulatory framework and aims to provide customized educational resources to help clients make informed decisions.
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Leading digital asset services provider Nexo will begin accepting new customer signups in the UK from September 3, 2024, the company said in a statement on Tuesday. The move comes after Nexo implemented platform upgrades to comply with Financial Conduct Authority (FCA) guidelines.
According to Nexo, these improvements include the introduction of cooling-off periods, special hazard warning messages and other mandatory compliance measures. These reforms were implemented with the support of Gateway 21, the UK's Financial Promotion Authority.
With the new UK customer signups, Nexo wants to confirm its commitment to the UK market and its customers.
Elisa Taskova, chief product officer at Nexo, said: “The UK has long been a cornerstone for Nexo.
The UK government proposed a new crypto regulatory framework in February, including FCA licensing for crypto companies and cooperation for systemic stablecoins.
Nexo's earlier decision to stop onboarding new customers in the UK was influenced by the need to comply with new financial promotion rules set by the FCA. As a result, while existing users can keep their accounts, Nexo has stopped accepting new UK customers.
“Faced with tough yet necessary regulation, we chose to stand firm by diligently adapting our platform to meet these stringent requirements. This commitment has allowed us to continue to deliver the unparalleled services that define Nexo,” explained Taskova.
Nexo also aims to strengthen its relationship 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 invest deeply in developing and strengthening our relationships here, empowering our clients to make well-informed decisions and receive unparalleled expertise and support,” said Taskova.
“Through a range of educational resources and tailored materials, we aim to equip you to navigate the complexities of the digital property space and our newly developed UK-based onboarding process with confidence and clarity,” she added.
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