Nexo Ends Crypto Card Transactions in the UK

Nexo is ending some of its crypto services for clients in the
United Kingdom. This is in response to the upcoming regulatory changes imposed
by the Financial Conduct Authority (FCA).

According to a report by Coindesk, the crypto platform will
phase out cashback payouts for transactions on Nexo Exchange and Nexo Card and
terminate their referral and affiliate programs, effective October 8.

This move aligns with the FCA’s stringent promotion rules
for the cryptocurrency industry, requiring companies to be registered for
self-approval of advertisements and to modify their systems, such as allowing
first-time buyers a minimum of 24 hours to reconsider their investment decisions.

Nexo joins the ranks of companies adjusting their offerings
to align with FCA’s regulations, which will be effective from October 8.
Several companies, including PayPal and Bybit, have withdrawn specific
crypto-related services from their offerings to UK clients.

PayPal announced its intention to suspend cryptocurrency sales to UK users for at least three months, commencing on October 1, in
August. Similarly, Bybit announced last month that it will no longer accept new
account applications from residents in the UK. Furthermore, on October 8, the
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term will no longer accept new deposits, halt new contracts, and limit
changes to existing user positions.