The platform stopped onboarding new clients last year, days before the regulator’s new financial promotions rules became effective.
It has now introduced the mandatory Investor Categorisation questionnaire and Appropriateness Assessment questionnaire for all users.
Nexo, the platform that gained popularity by offering crypto lending products, has resumed new client registration in the United Kingdom today (Tuesday), the company announced.
Ensuring Local Compliance
The crypto platform detailed that before resuming onboarding, it upgraded its platform to meet all FCA guidelines. It has also partnered with Gateway 21 to ensure compliance with all financial promotion rules imposed by the UK’s Financial Conduct Authority (FCA).
“When faced with rigorous yet necessary regulation, we chose to stand firm, diligently adapting our platform to meet these stringent requirements,” said Elitsa Taskova, Chief Product Officer of Nexo.
Nexo stopped taking new clients in the UK last October, days before the local regulator implemented new guidelines around financial promotions on October 8, 2023. The rules mandated that crypto companies register for self-approval of advertisements and modify their systems to allow first-time buyers a minimum of 24 hours to reconsider their investment decisions.
Nexo was among many other companies, including PayPal, Bybit, and Luno, that suspended either taking new clients or part of their services in the country due to FCA regulations.
Interestingly, Nexo also disbanded two of its UK subsidiaries, Nexo Financial Services Limited and Nexo Clearing, last year, as a part of the group’s restructuring process. Even the platform’s co-founder, Antoni Trenchev, confirmed that the platform had no intention of leaving the European markets.
Mandatory Questionnaires
Meanwhile, Nexo has also mandated its users in the UK to undergo a set of assessments for their categorization, in accordance with FCA rules, which were completed on July 16. All existing Nexo users must “complete an Investor Categorisation and Appropriateness Assessment to maintain uninterrupted access to Nexo’s products and services.”
The first set of questionnaires was for categorizing the investors, which included three groups: restricted investors, high-net-worth investors, and certified sophisticated investors. The second set of questionnaires ensured the users’ understanding of the crypto investment risk profile, which involved products like crypto-backed credits.
Although users can take the Investor Categorisation indefinitely, the Appropriateness Assessment test has a cool-off period. After the first two successive failed attempts of the Appropriateness Assessment, a 24-hour cool-off period kicks in, which increases to seven days after the sixth failed attempt.
“The cool-off period serves the purpose of allowing you to take a step back and consider whether investing in crypto assets is indeed appropriate for you,” Nexo highlighted, adding that “these assessments ensure users' investment knowledge aligns with the Financial Conduct Authority (FCA) and its guidance.”
Nexo, the platform that gained popularity by offering crypto lending products, has resumed new client registration in the United Kingdom today (Tuesday), the company announced.
Ensuring Local Compliance
The crypto platform detailed that before resuming onboarding, it upgraded its platform to meet all FCA guidelines. It has also partnered with Gateway 21 to ensure compliance with all financial promotion rules imposed by the UK’s Financial Conduct Authority (FCA).
“When faced with rigorous yet necessary regulation, we chose to stand firm, diligently adapting our platform to meet these stringent requirements,” said Elitsa Taskova, Chief Product Officer of Nexo.
Nexo stopped taking new clients in the UK last October, days before the local regulator implemented new guidelines around financial promotions on October 8, 2023. The rules mandated that crypto companies register for self-approval of advertisements and modify their systems to allow first-time buyers a minimum of 24 hours to reconsider their investment decisions.
Nexo was among many other companies, including PayPal, Bybit, and Luno, that suspended either taking new clients or part of their services in the country due to FCA regulations.
Interestingly, Nexo also disbanded two of its UK subsidiaries, Nexo Financial Services Limited and Nexo Clearing, last year, as a part of the group’s restructuring process. Even the platform’s co-founder, Antoni Trenchev, confirmed that the platform had no intention of leaving the European markets.
Mandatory Questionnaires
Meanwhile, Nexo has also mandated its users in the UK to undergo a set of assessments for their categorization, in accordance with FCA rules, which were completed on July 16. All existing Nexo users must “complete an Investor Categorisation and Appropriateness Assessment to maintain uninterrupted access to Nexo’s products and services.”
The first set of questionnaires was for categorizing the investors, which included three groups: restricted investors, high-net-worth investors, and certified sophisticated investors. The second set of questionnaires ensured the users’ understanding of the crypto investment risk profile, which involved products like crypto-backed credits.
Although users can take the Investor Categorisation indefinitely, the Appropriateness Assessment test has a cool-off period. After the first two successive failed attempts of the Appropriateness Assessment, a 24-hour cool-off period kicks in, which increases to seven days after the sixth failed attempt.
“The cool-off period serves the purpose of allowing you to take a step back and consider whether investing in crypto assets is indeed appropriate for you,” Nexo highlighted, adding that “these assessments ensure users' investment knowledge aligns with the Financial Conduct Authority (FCA) and its guidance.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
SEC Reiterates Binance’s Illegal Operations, Highlights “Lack of Disclosure”
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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