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The recent regulations in the UK are forcing companies operating in Bitcoin and other cryptocurrencies to withdraw from the UK. In this context, cryptocurrency loan platform Nexo also decided to gradually remove some of the products it offers to its customers in the UK in response to the new rules.
The new marketing regulations, set to take effect on October 8, mandate that companies must register with the Financial Conduct Authority (FCA) in the UK. Bybit had previously declared its inability to comply with these regulations, citing its lack of inclusion in the FCA’s cryptocurrency assets. Consequently, the Bitcoin platform made the decision to withdraw from the UK.
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A Nexo spokesperson told Coindesk that the platform plans to gradually remove cashback payments for referral and partnership programs along with Nexo Exchange and Nexo Card transactions from October 8.
This decision led other companies, such as cryptocurrency exchange ByBit and Paypal, who intend to comply with the new regulations of the FCA, to recently announce that they will stop offering certain crypto services to UK customers.
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