Nexo Eyes SEC Broker Dealer License While U.S. Competitors Face Regulatory Pressure
23 Setembro 2021 - 6:09PM
NEWSBTC
There’s truly never a dull moment in DeFi. Reports have emerged
this week that interest-yielding platform Nexo is pursuing an
acquisition of an SEC licensed broker dealer with the intent to
offer a “modified version” of the company’s products. How this
would impact their current offering is unclear. The move comes at a
time of seemingly increased rocky roads for DeFi platforms.
Interest-Generating Products & Disruptive DeFi Along with the
company’s pursuit of a licensed broker dealer, Nexo is also in
talks with nationally chartered banks. The platform is reportedly
interested in finding a chartered bank partner that will sell Nexo
products, likely with the intent to have better buy-in with U.S.
regulators. Additionally, reports state that the platform is
looking at applying for an exemption to offer securities to
non-accredited investors. Nexo is a London-based platform, which
may play out to be a substantial advantage versus competitors that
are stateside. In recent weeks, U.S. state regulators have started
to focus on DeFi platforms that are U.S.-based, namely Celsius and
BlockFi. Regulators in a handful of states in the U.S. have begun
issuing cease and desist demands for both firms. Meanwhile, major
U.S.-based exchange Coinbase has been in a back-and-forth with SEC
with regards to the exchange’s potential interest-yielding product,
Coinbase Lend. Coinbase seems to have now placed an indefinite hold
on a timetable for Lend, should the product even come to life at
all. Nexo is likely taking a close eye to see how these situations
play out in the coming months, so they can position themselves
accordingly when stateside regulators start eyeing non-U.S. based
interest yielding firms that are operating in the states. Native
platform tokens, like $NEXO, have stayed away from U.S. integration
as regulatory decisions still leave outcomes in question. | Source:
NEXO-USD on TradingView.com Related Reading | Bears Lose Hold On
Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200
Billion The Road Less Traveled During the midst of the DeFi madness
with regulators, Nexo has still been building on it’s capabilities
and offerings. In an email this week, the firm announced the
addition of top-ups, withdrawals, and borrowing and earning with
DOGE. At the beginning of September, the platform crossed 2M users.
And last month, the platform introduced free and instant transfers
from one Nexo wallet to another, as well as unlimited free internal
withdrawals. Nonetheless, Nexo co-founder Antoni Trenchev has said
that overseas exchanges will have to “cross the same bridge” that
Celsius and BlockFi are currently having to cross, in due time. “We
haven’t quite decided on the particular variations of the
exemptions and exactly how we’re going to structure this,” added
Trenchev. Will Nexo have the advantage of seeing how things play
out for U.S. based firms, or will overseas platforms be subject to
increased scrutiny? Consumers are left waiting for the snail-paced
regulatory movement to determine how things play out. Related
Reading | Did The SEC’s Gary Gensler Threaten Crypto And DeFi In
The WaPo Interview? Featured image from Nexo.io, Charts from
TradingView.com
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