Is Nexo bank regulated?
Nexo isn't a U.S. company and doesn't follow U.S. regulations or offer FDIC insurance. But its custodial wallet does use cold storage that is held in military-grade Class III vaults. And it also has $375 million insurance on custodial assets and says it aims to increase its insurance coverage to $1 billion in 2021.
Is Nexo Regulated? Nexo is an EU licensed and regulated financial institution.
Nexo doesn't have a banking license and your deposits on Nexo are not insured by the FDIC.
The Nexo crypto banking account makes it exceptionally easy to earn daily interest on your cash and cryptocurrencies without selling them.
Nexo Finance is registered and based in Zug, Switzerland and is led by three Managing Partners as it has always been transparently declared. This is a public information and we were always happy to share it with our clients.
Please rest assured that Nexo is compliant everywhere it provides services and retains top-tier legal counsels in the jurisdictions of its operation. All aspects of Nexo's activities are vetted before execution by the relevant legal and compliance teams.
So, are your funds safe on Nexo? Nexo's security infrastructure is ISO/IEC 27001:2013 certified. So, your funds are probably safe on Nexo; deposits are likely as safe on Nexo as competitors like BlockFi and Celsius. However, cryptocurrency interest accounts offer a unique set of risks that shouldn't be ignored.
The company is headquartered in London, England, and was founded in 2017 by Antoni Trenchev, Georgi Shulev, and Kosta Kantchev. Nexo currently manages assets for 3М+ users across 200 jurisdictions.
As Nexo is a fully regulated digital assets institution in all of the 200+ jurisdictions of its operation, the company is required to work under a business regulation known as KYC (Know Your Customer).
Nexo's 24/7 customer support and higher rates on cryptocurrencies (particularly through its loyalty program) may attract potential users. However, Celsius wins in this review with a broader amount of supported assets, and well-thought-out user-side protection features.
Can I withdraw from Nexo to my bank account?
You can withdraw your assets from the platform at any time. In order to initiate the process please use the “Withdraw” button next to the currency you wish to withdraw. You will then be required to fill in the desired amount and your Bank Country (the country where your bank is located).
About Nexo
Nexo offers Instant crypto-backed Loans. The company's project is a spin-off from Credissimo (credissimo.com), a European FinTech Group. It was founded in 2018 and is based in Zug, Switzerland.
Nexo Help Center
We are still assessing the implications of the Common Reporting Standards to our business and, for the time being, we do not believe to be required to disclose any information about transactions to the IRS or other tax authorities, which remains our customers' sole responsibility.
Nexo AG Company Profile | Zug, ZUG, Switzerland | Competitors, Financials & Contacts - Dun & Bradstreet.
In essence, when Nexo users stake their cryptocurrencies and stablecoins in the Nexo account, their assets are securely stored and insured by BitGo.
Nexo has raised a total of $52.5M in funding over 2 rounds. Their latest funding was raised on Apr 4, 2020 from a Debt Financing round. Nexo is funded by Arrington XRP Capital .
Nexo Help Center
We are still assessing the implications of the Common Reporting Standards to our business and, for the time being, we do not believe to be required to disclose any information about transactions to the IRS or other tax authorities, which remains our customers' sole responsibility.
Yes, Nexo is both compliant and fully regulated in the United States, Switzerland, Australia, Hong Kong and Canada.
Nexo, which is backed by TechCrunch founder Michael Arrington, has introduced several initiatives over the last few months and recently became the first project to accept XRP as collateral. The company which functions as a bridge between the crypto world and the financial world.
As Nexo is a fully regulated digital assets institution in all of the 200+ jurisdictions of its operation, the company is required to work under a business regulation known as KYC (Know Your Customer).
