Crypto lender Nexo is closing two of its UK subsidiaries, according to a report from Bloomberg.
The company has applied to close Nexo Financial Services Ltd. and Nexo Clearing and Custody Ltd as part of a restructuring, according to co-founder Antoni Trenchev.
He told Bloomberg that Nexo is rethinking the way it services clients, but that it is not considering a full exit of the UK market.
Nexo is under investigation in Bulgaria for alleged involvement in an organised crime scheme.
Its offices in the country were raided in January, with four people charged over money laundering, unlicensed banking activities, and tax and computer crimes. It has also been accused of violation of sanctions against Russia.
Also in January, it was charged by the US Securities and Exchange Commission with failing to register the offer and sale of its retail crypto asset lending product.
To settle the charges, Nexo agreed to pay a $22.5 million penalty and cease its unregistered offer, while also paying an additional $22.5 million in fines to settle similar charges by state regulatory authorities