ADVERTISEMENT
  • About Us
  • Contact
  • Advertise
  • Privacy Policy
  • Terms and Conditions
Friday, June 2, 2023
No Result
View All Result
NEWSLETTER
Cayman Marl Road
  • Home
  • CMR Daily Buzz
  • Cayman’s Youth
  • Parliament
  • Live Show
  • COVID-19
  • Election 2021
  • Legal Notices
  • Entertainment
    • All
    • Events
    • Music
    Actor who lived in the Cayman Islands gives up major role after scandal

    Armie Hammer will not face sexual assault charges

    London-based designer partners with local star for Art Week

    London-based designer partners with local star for Art Week

    Mobsta apologizes to fans

    Mobsta apologizes to fans

    Cayman to send first representative to Miss Supranational

    Cayman to send first representative to Miss Supranational

    PhotoVlog: Taste of Cayman 2023

    PhotoVlog: Taste of Cayman 2023

    Taste of Cayman goes digital

    Taste of Cayman goes digital

    Caymanian actress Grace Byers gives birth to baby boy

    Caymanian actress Grace Byers gives birth to baby boy

    Is Dancehall artist Spice pregnant?

    Dancehall artist Spice is not pregnant

    Koffee wins Best Reggae Grammy – setting records in the process

    Koffee gets into altercation with flight attendant

  • Lifestyle
    • All
    • Food
    • Health
    • Medical Experts
    2,000 vaccines arrive for children 5-11

    Alzheimer’s Association gets $50,000 grant

    COVID-19 mandates return to Cayman as community cases confirmed

    HSA makes changes to visitation policy 

    First patients receive radiotherapy at Health City’s Oncology Centre

    First patients receive radiotherapy at Health City’s Oncology Centre

    Teens access ganja edibles through Bento App

    Teens access ganja edibles through Bento App

    Hospital on lockdown following mass shooting

    HSA awarded Joint Commission Gold Seal for safety and patient care

    Alex Panton Foundation hires two young Caymanians

    Alex Panton Foundation hires two young Caymanians

    Vaccinated primary contacts can now continue business as usual

    WHO declares end to COVID global health emergency

    MRCU aerial spraying to resume this week

    MRCU aerial spraying to resume this week

    Paleo and keto diets may harm heart health

    Paleo and keto diets may harm heart health

    FDA makes Narcan available without prescription

    FDA makes Narcan available without prescription

    Trending Tags

  • Home
  • CMR Daily Buzz
  • Cayman’s Youth
  • Parliament
  • Live Show
  • COVID-19
  • Election 2021
  • Legal Notices
  • Entertainment
    • All
    • Events
    • Music
    Actor who lived in the Cayman Islands gives up major role after scandal

    Armie Hammer will not face sexual assault charges

    London-based designer partners with local star for Art Week

    London-based designer partners with local star for Art Week

    Mobsta apologizes to fans

    Mobsta apologizes to fans

    Cayman to send first representative to Miss Supranational

    Cayman to send first representative to Miss Supranational

    PhotoVlog: Taste of Cayman 2023

    PhotoVlog: Taste of Cayman 2023

    Taste of Cayman goes digital

    Taste of Cayman goes digital

    Caymanian actress Grace Byers gives birth to baby boy

    Caymanian actress Grace Byers gives birth to baby boy

    Is Dancehall artist Spice pregnant?

    Dancehall artist Spice is not pregnant

    Koffee wins Best Reggae Grammy – setting records in the process

    Koffee gets into altercation with flight attendant

  • Lifestyle
    • All
    • Food
    • Health
    • Medical Experts
    2,000 vaccines arrive for children 5-11

    Alzheimer’s Association gets $50,000 grant

    COVID-19 mandates return to Cayman as community cases confirmed

    HSA makes changes to visitation policy 

    First patients receive radiotherapy at Health City’s Oncology Centre

    First patients receive radiotherapy at Health City’s Oncology Centre

    Teens access ganja edibles through Bento App

    Teens access ganja edibles through Bento App

    Hospital on lockdown following mass shooting

    HSA awarded Joint Commission Gold Seal for safety and patient care

    Alex Panton Foundation hires two young Caymanians

    Alex Panton Foundation hires two young Caymanians

    Vaccinated primary contacts can now continue business as usual

    WHO declares end to COVID global health emergency

    MRCU aerial spraying to resume this week

    MRCU aerial spraying to resume this week

    Paleo and keto diets may harm heart health

    Paleo and keto diets may harm heart health

    FDA makes Narcan available without prescription

    FDA makes Narcan available without prescription

    Trending Tags

No Result
View All Result
Cayman Marl Road
No Result
View All Result

Crypto company sues CIMA for rejecting license application

by Renae Stampp
January 20, 2023
in Business
0
Crypto company sues CIMA for rejecting license application
47
SHARES
Share on FacebookShare on TwitterShare on Whatsapp

(CMR) A company that has cease-and-desist proceedings against it in the United States and a fine of $22.5 million has filed a lawsuit against the  Cayman Islands Monetary Authority (CIMA) for rejecting its application to be registered as a “virtual asset service provider.”

According to court documents filed in the Grand Court on 12 January, Crypto lender Nexo Capital Inc. applied for an order that CIMA’s decision is reversed, a declaration that Nexo is suitable to be registered, and an order for the Authority to register the company as a virtual asset service provider.

However, Offshore Alert reported that on the same day, Nexo Capital was filing court documents to have CIMA's decision reversed, police in Bulgaria – where Nexo originated – raided the group’s offices in Sofia and criminally charged four unidentified representatives with money laundering, tax crimes, and computer fraud regarding alleged conduct in Bulgaria, Cayman Islands, Switzerland, and the United Kingdom.

On Thursday, 19 January, the US Securities and Exchange Commission instituted public cease-and-desist proceedings against Nexo Capital Inc. and ordered that the Cayman-registered company pay a civil money penalty of $22.5 million.

According to Offshore Alert, in September of last year, eight US states issued cease-and-desist orders or brought other types of proceedings against Nexo Capital Inc. and Nexo Inc., which are both domiciled in Cayman, while Delaware-domiciled Nexo Financial LLC and Nexo group co-founder Antoni Trenchev, a former member of Bulgaria’s parliament, were also respondents in some actions.

The state regulators accused the Nexo group of selling unregistered securities in the form of its ‘Earn Interest Product’, allegedly soliciting investors “with promises of interest rates of up to 12% to 36%”, according to a complaint filed by New York’s Attorney General at New York Supreme Court. The US actions prompted the Nexo group to announce on December 5th, 2022, its “gradual departure from the United States”.

In court documents filed in the Cayman Islands Grand Court, Nexo is described as “a non-bank financial institution and one of the world's largest lending companies for overcollateralized digital asset-based credit products and provides high-yield ‘Earn Interest’ products which allow its customers to up certain digital assets in interest-yielding accounts. “

Nexo said CIMA failed to notify the company of the entirety of the reasons for its refusal decision. The Refusal Decision states that, upon the Authority taking into consideration the matters set out in section 22 of the Act when reaching its decision, it has determined that the Applicant's proposed business model does not meet the required risk profile for the purposes of the Act.

Some of the reasons listed include the size, scope, and complexity of Nexo’s proposed business model; the risk the business poses to market confidence, consumer protection, and the reputation of the Islands as a financial center; failure by the directors and ultimate shareholders to disclose to the Authority the potential regulatory enforcement matters in various states in the United States and proceedings in the High Court of Justice of England & Wales; and the impact the proposed product offering may have and risks it may pose to existing clients, further clients, other licensees or to the financial system of the Cayman Islands.

However, Nexo said the Refusal Decision is not “reasons”. Instead, they are a simple recitation of the factors prescribed by section 22 of the Act by which the Authority was required to assess the Application.

Related posts:

CIBC to cease most over-the-counter transactions soon
CMR's talk show has commanding lead
No unsupervised minors at Camana Bay
Butterfield introduces Google Pay to the Cayman Islands
Share your vote!


No, thanks.
How do you feel after reading this?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid
Tags: Cayman Islands Monetary AuthorityNexo Capital Inc.
Renae Stampp

Renae Stampp

A regional writer with almost 10 years of experience working in various news media including two major media houses in Bermuda and Jamaica. Renae provides professional content for our regional and international audience.

Related Posts

Bank closures, acquisitions and voluntary separations?

CIBC to cease most over-the-counter transactions soon

by Renae Stampp
June 1, 2023
0

(CMR) CIBC FirstCaribbean Cayman has advised customers that effective July 3, 2023, the bank will only process over-the-counter  transactions on...

Premier calls for diversity and inclusion on Government-appointed bodies

Banks refuse to delay increasing interest rates

by Renae Stampp
May 26, 2023
0

(CMR) Premier of the Cayman Islands Wayne Panton has expressed disappointment that banks have collectively refused to consider delaying increasing...

CMR’s talk show has commanding lead

CMR’s talk show has commanding lead

by CMR
May 21, 2023
0

(CMR) Cayman Marl Road's The Cold Hard Truth (TCHT) has maintained the ranking of Cayman's preferred talk show, according to...

Silicon Valley Bank closed in largest US bank failure in over a decade

Cayman depositors left in the cold after Silicon Valley Bank collapse

by Renae Stampp
May 13, 2023
0

(CMR) The collapse of Silicon Valley Bank two months ago is being felt by depositors at its Cayman Islands branch...

Cayman’s economy expanded by 1.7% for first 9 months of 2021

Government optimistic following first quarter financial report

by Renae Stampp
May 11, 2023
0

(CMR) The Cayman Islands Government is optimistic about its financial performance for 2023 after reporting a surplus for the first...

No unsupervised minors at Camana Bay

No unsupervised minors at Camana Bay

by CMR
May 5, 2023 - Updated on May 6, 2023
0

While other measures are considered, parents are reminded that children under 18 should not be left unaccompanied in the Town...

Next Post
Honduras flight delayed after La Ceiba airport lowers safety rating

Cayman Airways flight to Miami returned due to medical emergency

Recent News

Bank closures, acquisitions and voluntary separations?

CIBC to cease most over-the-counter transactions soon

June 1, 2023
TCHT: Bringing receipts for Mario

TCHT: Bringing receipts for Mario

June 1, 2023
Premier calls for diversity and inclusion on Government-appointed bodies

Premier urges public to be prepared for hurricane season

June 1, 2023
Tropical Depression 2 develops as hurricane season begins

Tropical Depression 2 develops as hurricane season begins

June 1, 2023
Actor who lived in the Cayman Islands gives up major role after scandal

Armie Hammer will not face sexual assault charges

June 1, 2023
BVI Premier’s  elderly mom tests positive for COVID-19 as cases spike

Former BVI Premier to stand trial alone in narcotics case

June 1, 2023
  • About Us
  • Contact
  • Advertise
  • Privacy Policy
  • Terms and Conditions

Copyright © 2023 CMR Cayman's Premier News Source - All Rights Reserved

No Result
View All Result
  • Home
  • Ask The Marl Road
  • Breaking News
  • Business
    • Finance
  • Cayman Crime Watch
  • Cayman Small Business
  • Cayman Wellness
  • Cayman’s Youth
  • Celebration of Life
  • Community Notices/Events
    • Accidents
    • Police
    • Weather
  • Consumer Protection
    • Scammers
    • COVID-19
    • What would you do?
  • CMR Videos
    • The Cold Hard Truth
    • Cayman Voices
  • Court Cases
    • Civil
    • Criminal
  • Election 2021
  • Entertainment
    • Events
    • Music
  • Events
  • Family
    • Education
    • Fury Friends
  • Government
    • Road Closures
  • Investigative Reports
  • Legal Notices
  • Lifestyle
    • Food
    • Health
    • Medical Experts
  • Live Show
  • News Roundup
  • Opinions
    • Polls
    • Cartoons
  • Politics
    • Parliament
  • Regional News
  • Rumor Has It
  • Science
  • Social Media Happenings
    • Jackass of the Day!
    • Lost & Found
  • Sports
  • Tech News
  • Weird & Unusual News
  • World News
  • Sponsored Content

Copyright © 2023 CMR Cayman's Premier News Source - All Rights Reserved