Nexo formally sues the Cayman Islands regulatory authority for the rejection of its virtual asset license application
ChainCatcher news, according to The Block, a document from the Cayman Islands court shows that the Cayman Islands Monetary Authority (CIMA) rejected the virtual asset service license application of the crypto lending platform Nexo on December 20, 2022, stating that the company's business model was not compliant and posed risks to market confidence, consumer protection, and the reputation of the islands as a financial center. Currently, Nexo hopes the court will order CIMA to revoke its previous decision and successfully obtain the virtual asset license.Nexo's lawyers stated that CIMA's decision was procedurally unfair, as the regulatory authority did not inform Nexo of the detailed reasons for the rejection, which also violated its constitutional and statutory duties, while Nexo had already provided corresponding explanations to the regulatory authority regarding the concerns raised during the application process. (Source link)