Nexo, a leading platform for cryptocurrency-based products and services, announces a major expansion in Dubai by obtaining initial approval from the Virtual Asset Regulatory Authority (VARA).
In short, Nexo is known for three main reasons:
- Earn up to 14% on stablecoins (16% if you get Nexo token) and high returns for many other cryptocurrencies, such as Bitcoin 5%, Ethereum 6%, Solana 6% and many others up to 30%;
- Credit/debit card with 2% cashback on all purchases and no fees
- the Nexo token which has grown by 120% in the last year
The VARA approval will allow the Nexo platform to operate legally in Dubai, offering a safe and regulated environment for customers, joining existing platforms such as Binance, Bybit, Kraken, Crypto.com and others.
An important step forward for a continuously growing platform, with an expansion into an emerging market with enormous potential. Furthermore, it is a symptom of an increase in trust and security perceived by investors and a notable acceleration in the adoption of cryptocurrencies globally.
“Dubai's forward-thinking culture of innovation fits naturally into Nexo's goal of contributing to the regional ecosystem in a compliant way” - official post on
“From the United Arab Emirates, a global leader in vision, governance and innovation, Nexo intends to contribute to the regional ecosystem through pioneering lending, intermediation, management and investment solutions. Nexo is excited to pursue new market strategies aligned with the transformative leadership of Virtual Asset Regulatory Authority of Dubai" - Kalin Methodistev, CEO, co-founder and Managing Partner of Nexo.
All this happens approximately one year after the payment of the SEC fine of 45 million dollars, not for fraud or deceptive commercial practices, but for having violated a purely bureaucratic rule to protect investors regarding the Earn Interest Product, which offered returns high but was not registered as an investment contract as required by state law. With the payment of the tax, Nexo ceased specifically offering crypto lending products in the territory.
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Sign up to Nexo and get $35 in Bitcoin,16% APY on your stablecoins and 2% cashback on Nexo Card by depositing and holding at least $500 for 30 days
https://nexo.com/ref/j6atsfddtw?src=android-link
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