Nexo Sues Cayman Islands Monetary Authority for Refusal to Register as a Virtual Asset Service Provider

According to The Block, Nexo, an encrypted lending platform, filed a lawsuit against the Cayman Islands Monetary Authority (CIMA), accusing it of denying Nexo’s registration as a virtual asset service provider (VASP), asking the court to overturn the decision of the financial regulator because it “fits "Provide encrypted services to residents of the Cayman Islands. Nexo filed an application with CIMA in January 2021 to provide more information at the regulator's request, but the authority sought clarification on the application last October, citing Nexo's failure to disclose "certain legal and regulatory matters pointed out by the news media." , and rejected the application in December.