"Maybe Nexo sees that its 2 subsidiaries are not growing in the UK."
It was surprising when cryptocurrency exchange Nexo reportedly completed the legislation to remove two of its subsidiaries, namely Nexo Financial Services Ltd and Nexo Clearing and Custody Ltd from the United Kingdom (UK).
According to Antoni Trenchev, co-founder of Nexo said that his company is in the process of restructuring but the parent company for the time being has absolutely no intention of leaving the UK.
Launched in 2018, Nexo has over 5 million customers and $2 billion in assets under management providing services such as crypto loans, custody or investments for debit cards.
In January this year, the defense attorney in Bulgaria charged four Bulgarian individuals with building an organized crime group involved in tax fraud, cyber and money laundering or illegal banking activities.
Even so, after researching in more detail, the famous former lawmaker in Bulgaria, Trenchev has dismissed the claim as nonsense.
In addition, Nexo in December last year was found to want to stop offering its products and services in the United States (US) after being accused of violating securities laws but finally decided to pay a $45 million fine to the regulator.
Now, Nexo as a whole has around 600 employees in London, the United Arab Emirates (UAE) including Bulgaria and the price of its founded crypto which is also called NEXO has decreased by 0.05% at the level of $0.067 in the last 24 hours.
