Coinspeaker
Nexo Files Lawsuit against CIMA over VASP License Refusal
Crypto lending platform Nexo has filed a lawsuit against the Cayman Islands Monetary Authority (CIMA) over rejected licensing. The crypto lending firm is fighting against CIMA’s decision to deny the company’s registration as a virtual asset service provider (VASP) in the Island country.
Nexo submitted its application for a virtual asset license to the CIMA in January 2021. Following its application, the regulator requested additional information, which the crypto lender provided. However, the agency asked for clarification on the application in October 2022. The CIMA cited “certain legal and regulatory matters as noted in the news media that Nexo did not disclose” as its reason for the request. As 2022 was coming to an end, the monetary authority rejected the application. On the 20th of December, the CIMA refused the application, informing Nexo that its business model does not meet the required risk profile.
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