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May 12 – In a recent development, two UK-based subsidiaries of Nexo, the cryptocurrency firm founded in Bulgaria, have been granted permission for dissolution, as revealed by the documents released by Companies House, the UK commercial registry office.
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The two subsidiaries, namely Nexo Financial Services and Nexo Clearing and Custody, will be removed from the register and dissolved not less than two months after the notice was published on May 16, according to the documents published earlier this week on the Companies House website.
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The co-founders of Nexo, Antoni Trenchev and Kosta Kanchev, who also served as company directors for the two businesses, initiated the applications for voluntary strike-off in early May, as per the filings.
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According to the data available from Companies House, Nexo Financial Services and Nexo Clearing and Custody were established in the UK in 2020. The latter reported an operating loss of 7,730 British pounds ($9,681/8,886 euro) from its inception until the end of 2021, as indicated in the most recent unaudited statement published last year. On the other hand, Nexo Financial Services reported an operating loss of 11,357 pounds for the period from May 2020 to December 2021.
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Earlier this year, Nexo’s US unit, Nexo Capital Inc, which is headquartered in Switzerland, faced a significant penalty. It agreed to pay a total fine of $45 million (41.3 million euro) to the US Securities and Exchange Commission (SEC) and US state regulators for its failure to register its crypto asset lending product in the country. As a consequence, the crypto firm decided to discontinue its crypto asset lending offering, the Earn Interest Product (EIP), for all its US clients, effective from April 1.
(Note: GBP 1 = $1.252/1.149 euro)