Crypto lender Nexo shuts down 2 UK-based subsidiaries | Keyword Financial

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Crypto lender Nexo shuts down 2 UK-based subsidiaries

May. 11, 2023

By Zeynep Geylan

Nexo is also going under investigation in Bulgaria for allegedly being involved in an organized scheme.

London-based crypto lender Nexo (NEXO) has shut down two of its subsidiaries located in the U.K. on May 11, Bloomberg News reported.

The lender is also going under an investigation in Bulgaria for allegedly being involved in an organized crime scheme, the Bloomberg article noted.

Branches shut down

The lender applied to the U.K. authorities to shut down Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd.

Nexo’s Co-founder Antoni Trenchev claimed that the branches were closed off due to company-wide “restructuring.”

According to Trenchev, Nexo is “rethinking the way” it goes about “servicing clients” but is not considering exiting the U.K. market.

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