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Crypto lending solution, Nexo has been granted permission to operate as a virtual currency platform in Italy by the regulatory authorities in the country Nexo now live in Italy Nexo, a leading centralized lending platform, has announced that it has
Italy grants crypto lender Nexo registration to legally provide its services to Italian citizens. The post Nexo secures registration in Italy appeared first on The Block.
Entry into Italy's registry for virtual currency operators is mandatory to operate in the country.
The crypto-friendly US-based bank Silvergate had less than $20m in exposure to the now-bankrupt US-based crypto lender BlockFi. But with yet another bankruptcy in the space, more people are now asking if Nexo – one of the last major crypto lenders still standing – will be the next to go down.
Despite posting a proof-of-reserves with neither asset breakdown nor wallet addresses, Nexo praised its risk engine as the sole reason for no bad debts. The post NEXO releases proof of reserves showing no exposure to FTX appeared first on CryptoSlate.
Several cryptocurrency lending companies have gone bust amid bad practices and exposure to bankrupt companies, with the latest being BlockFi. Late Monday, BlockFi filed for Chapter 11 bankruptcy protection in the United States, coming weeks after the company paused user withdrawals.
BlockFi became the latest platform to succumb to crypto contagion, filing for Chapter 11 bankruptcy on November 28. The post Who's next?
Nexo has come under the radar for its high-yield-bearing crypto products when the broader market remains weak. The concerns come a month after the co-founders assured that the platform is solvent.
The global crypto market has continued to grow in value due to inflows. The recent changes for Bitcoin, Ethereum, and others continue to show encouraging results.
Three investors sue Nexo for blocking them from withdrawing their $126 million crypto holdings.
The global crypto market has faced a decline in value despite attempts to recover value. The recent changes show that there has been no improvement in the value of Bitcoin and Ethereum.
Nexo has been dragged to court by a family of investors over the platform's failure to sanction their withdrawals. According to reports, the group of Fintech entrepreneurs claimed that the firm blocked their efforts to withdraw about $126 million in assets from their funds on the platform.
A family of fintech entrepreneurs claims that the crypto lender froze their accounts and forced them to sell their assets back at a 60% discount.
According to a recent report, a group of investors is suing crypto lender Nexo in the London High Court on the grounds that the crypto firm prevented them from withdrawing over $126 million in cryptocurrency. The three investors, cousin Shane Morton, and brothers Jason and Owen Morton, claim that Nexo froze their accounts when they The post Just-In: Crypto Giant Nexo Sued For Blocking $126M User Funds appeared first on CoinGape.
A family of investing entrepreneurs are suing Nexo for preventing them from withdrawing their funds and claim they were intimidated into selling crypto assets back to the lender at a 60% discount. Many centralised crypto lenders are feeling the pinch right now.
The claimants allege that Nexo froze their accounts after they sought to remove their assets from the platform.
The Nexo Wallet has been designed to let users maintain their identity profile ownership.
Nexo had offered rival BlockFi an $850 million deal in July when the latter firm was struggling financially and had signed a non-final deal with FTX, according to a proposal document obtained by The Block. The post Nexo had offered BlockFi an $850 million deal to potentially acquire it appeared first on The Block.
Nexo is set to launch its own multifunctional, non-custodial, EVM-compatible smart wallet dubbed ‘The Nexo Wallet.' This self-governed wallet will also function as an identity wallet, allowing users to use Non-Fungible Tokens (NFTs) and the Ethereum Name Service (ENS) to build up, and utilize the benefits of their self-governed Web3 profile.
The crypto-lending platform has assured customers that their funds are safe after Genesis' Crypto-Lending Unit Halted Customer Withdrawals in the wake of the FTX Collapse. The company made this announcement on Twitter on November 16, 2022.
Nexo announced that it has resolved the bug that stopped displaying the real-time audit of its assets and liabilities. The post Nexo resolves real-time audit outage laying insolvency rumors to rest appeared first on CryptoSlate.
Nexo responded to rumors of insolvency that sprang up on November 16 after its website stopped displaying the real-time audit of its assets versus liabilities and said the attestation would be back up soon. The post Nexo says ‘real time audit' error caused by technical malfunction, will be fixed soon appeared first on CryptoSlate.
Nexo, the lending platform, withdrew $219 million from FTX before it paused withdrawals and went insolvent. But there is something unusual taking place.
