Share this article
Crypto Lender Nexo Sues Cayman Island's Regulator for Denied VASP Registration
Nexo has sued the Cayman Islands Monetary Authority to overturn its rejection of Nexo's application to register as a virtual asset services provider.
Updated Jan 17, 2023, 5:06 p.m. Published Jan 17, 2023, 3:15 p.m.
Crypto lender Nexo has sued the Cayman Islands Monetary Authority to get the regulator to reverse its rejection of Nexo's application to register as a virtual asset services provider (VASP), according to a court document filed last week.
The regulator initially refused the company's Dec. 20 application, citing "insufficient documentation on customer risk assessment and enterprise risk assessment" plus deficiencies in anti-money laundering procedures as several of the reasons.
STORY CONTINUES BELOW
However, Nexo argued in the court document that the grounds of the application were that the reasons were not "satisfactory" nor "sufficiently detailed."
"[The lawsuit] is a natural reflection of Nexo's ongoing license acquisition mission around the world and something quite normal that occasionally happens throughout the process of getting authorized," a spokesperson from Nexo told CoinDesk in a statement.
Nexo has been scrutinized by regulators lately. It is being investigated by authorities in Bulgaria for suspicion of money laundering and tax offenses among other things, which it has denied.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Small Texas Lender Monet Joining Field of Crypto-Focused Banks
The bank is owned by billionaire Andy Beal, a major supporter of U.S. President Donald Trump's 2016 campaign.
Top Stories
