Nexo, a leading centralized crypto lending platform, has officially resumed onboarding new customers in the United Kingdom following a series of strategic upgrades to meet the regulatory requirements set by the Financial Conduct Authority (FCA). This move marks a significant milestone in the company’s ongoing commitment to compliance and responsible digital asset services in one of its most important markets.
The decision to restart registrations—announced on Tuesday—comes after months of collaboration with Gateway 21, an FCA-authorized and regulated financial promotion approval provider. As increasing numbers of crypto firms turn to such third-party compliance partners, Nexo’s proactive approach highlights its dedication to aligning with UK financial regulations while maintaining service continuity for British users.
Enhanced Compliance Measures for UK Users
To comply with the FCA’s stringent crypto financial promotion rules, which took effect on October 8, 2023, Nexo has implemented several user-facing changes designed to improve transparency, risk awareness, and investor protection.
Key updates include:
- Mandatory cooling-off period for new users before they can begin trading or borrowing.
- Customized risk warnings tailored specifically for UK-based customers.
- Investor classification questionnaire and suitability assessment required prior to platform access.
These steps have become standard across crypto platforms serving UK clients, ensuring that users are fully informed about the risks associated with digital assets and financial products.
Elitsa Taskova, Chief Product Officer at Nexo, emphasized the company’s long-term commitment:
“The UK has always been a key market for Nexo, and our dedication to our customers here remains unwavering. In the face of rigorous but necessary regulation, we chose resilience—adapting our platform to meet these high standards. We’re deeply invested in strengthening our presence here, offering unmatched expertise and support so our users can make informed decisions.”
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Educational Resources and User Empowerment
Beyond technical compliance, Nexo is rolling out a suite of custom educational resources aimed at helping UK users understand the evolving regulatory landscape. The company recognizes that simply offering a compliant onboarding process is no longer sufficient in today’s complex crypto environment.
“Nexo believes it has a responsibility to clarify the regulatory framework, highlight the role of institutions like the FCA, and ensure customers understand both their obligations and ours,” Taskova added.
These educational materials will cover topics such as:
- How crypto promotions are regulated in the UK
- The importance of investor categorization
- Risks associated with yield-generating crypto products
- Rights and responsibilities under FCA guidelines
By combining compliance with education, Nexo aims to empower users with clarity and confidence when navigating digital asset services.
Background: Why Nexo Paused UK Registrations
In late 2023, Nexo temporarily halted new customer sign-ups in the UK to align with the FCA’s new regime governing financial promotions related to cryptoassets. While existing customers could continue using the platform—provided they completed required assessments—the pause allowed Nexo time to implement full compliance measures.
The FCA’s updated rules were introduced to combat misleading or high-risk crypto marketing practices. Under the new framework:
- Unregulated firms cannot promote crypto financial products without prior approval from an authorized entity.
- Violations of Section 21 of the Financial Services and Markets Act 2000 may result in criminal penalties, including up to two years in prison or unlimited fines.
- Even seemingly harmless content—like meme posts about cryptocurrencies on social media—could be deemed non-compliant.
As a result, major players like Coinbase and Binance adjusted their marketing strategies, removing newsletters and promotional content targeted at UK residents. Some firms, including Bybit, chose to exit the UK market entirely rather than undergo costly compliance overhauls.
The Broader Regulatory Landscape
The FCA has adopted a cautious yet innovation-friendly stance toward crypto regulation. While it banned retail sales of crypto derivatives in 2021 over investor protection concerns, it recently allowed professional investors to access crypto-based exchange-traded notes (ETNs) starting in March 2025—signaling a measured shift toward regulated crypto product adoption.
Other financial institutions, including PayPal and Revolut, have also found the FCA’s rules challenging to implement. However, many are now partnering with authorized entities—just as Nexo did with Gateway 21—to legally promote their services.
This growing trend underscores a broader industry shift: compliance through collaboration. Rather than seeking direct authorization, numerous crypto platforms are leveraging regulated third parties to approve their financial promotions—a pragmatic path forward under current UK law.
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Nexo’s Resilience in a Shifting Industry
Nexo stands out as one of the few centralized crypto lending platforms to survive the turbulent market conditions of 2022, a year that saw high-profile collapses including Celsius and BlockFi. During that period, user trust in yield-generating crypto services was severely tested.
According to a company spokesperson, Nexo’s resilience stemmed from a business model built on core financial and blockchain principles:
- Collateralized lending with strong loan-to-value ratios
- Automated risk management systems
- Global compliance frameworks
- Product innovation within regulatory boundaries
- Conservative risk assessment protocols
These practices helped Nexo avoid insolvency and maintain operational stability—even as regulators scrutinized unregistered lending products across the industry.
In January 2023, Nexo agreed to pay $45 million to U.S. federal and state authorities after the SEC alleged it had failed to register its retail crypto lending product. The settlement followed months of stalled negotiations with regulators and led Nexo to gradually wind down its services in the United States by December 2022.
Despite these challenges, the company has continued expanding in compliant jurisdictions—a strategy that now includes its renewed push into the UK market.
Frequently Asked Questions (FAQ)
Q: Why did Nexo stop accepting UK customers?
A: Nexo paused new registrations in late 2023 to implement changes required by the FCA’s new financial promotion rules for cryptoassets. It has now resumed after completing all necessary compliance upgrades.
Q: Is Nexo regulated by the FCA?
A: Nexo itself is not directly authorized by the FCA but works with Gateway 21—an FCA-regulated firm—to approve its financial promotions in compliance with UK law.
Q: What is a suitability assessment?
A: It’s a mandatory evaluation that determines whether a user has the knowledge and experience to understand the risks of crypto investments. All UK-based users must complete this before accessing certain features.
Q: Can existing users still use Nexo?
A: Yes. Existing UK customers were never restricted, provided they completed investor classification and suitability checks.
Q: Are there penalties for non-compliance with FCA crypto rules?
A: Yes. Unauthorized promotion of crypto financial products violates Section 21 of the FSMA 2000 and can lead to criminal charges, including imprisonment and unlimited fines.
Q: Will Nexo offer different products in the UK?
A: While core services remain available, some features may be adjusted to meet local requirements. Enhanced disclosures, cooling-off periods, and educational tools are now integral to the user experience.
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Final Thoughts
Nexo’s return to active customer acquisition in the UK reflects a maturing crypto industry—one where compliance is no longer optional but foundational. By investing in regulatory alignment, user education, and risk management, Nexo positions itself as a responsible player in a space often criticized for opacity and recklessness.
As global regulators continue refining their approach to digital assets, companies that prioritize transparency and user protection are likely to lead the next phase of adoption. For UK consumers, this means safer access to innovative financial tools—with clearer rules, better support, and stronger accountability than ever before.
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