Nexo Now Sues Cayman Islands Regulator Regarding Virtual Asset License
Nexo, a cryptocurrency lending platform, is suing the Cayman Islands government for refusing the company a virtual asset license, according to The Block.The firm wants the CIMA decision reversed, and the court to rule that it is suitable to be registered and then order CIMA to register it.
Firstly, the Cayman court filing that the Cayman Islands Monetary Authority denied Nexo’s application on December 20 because the firm’s business model did not match the acceptable risk profile. Nexo posed a risk to market confidence, consumer protection and the reputation of the Islands as a financial centre, according to the CIMA. Nexo directors and owners neglected to disclose to the CIMA a potential regulatory enforcement situation in the United States as well as proceedings in English courts.
Source
https://t.me/DeFi_Ethereum
