Nexo is registered in Switzerland (Zug) and holds EU crypto asset licences. It is not a licensed bank. It publishes Proof of Reserves monthly via Armanino LLP and is MiCA compliant.

● RISK ANALYSIS · 2026

Is Nexo safe in 2026?

Q: Is Nexo safe?

Nexo is one of the safer CeFi crypto platforms — it holds EU crypto licences, publishes monthly Proof of Reserves via Armanino, and has processed $15B+ in loans. It is not a licensed bank and has no deposit guarantee scheme. We rate it 7.8/10.

Independent risk analysis — regulatory status, Proof of Reserves, what happened in 2022, and our honest verdict.

Reviewed by Stephan Kulik · Last updated: 2026-03-13 · How we rank

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Our Verdict: Nexo Is One of the Safer CeFi Platforms

Nexo holds EU crypto licences, publishes monthly Proof of Reserves via Armanino, and has processed $15B+ in loans without a default. We score it 7.8/10 — the second-highest in our rankings. It is not a licensed bank and has no deposit guarantee, but among unregulated CeFi platforms it is among the most transparent.

Nexo Regulatory Status

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Swiss-Registered Company

Nexo is incorporated in Switzerland (Zug — the "Crypto Valley") and registered with Swiss authorities. Switzerland is one of the most crypto-friendly regulatory environments globally.

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EU Crypto Asset Licences

Nexo holds multiple EU crypto asset service provider licences across EU member states. It is MiCA compliant as of 2026 — meaning it meets the EU's Markets in Crypto-Assets Regulation requirements.

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Proof of Reserves — Armanino LLP

Nexo publishes monthly Proof of Reserves audited by Armanino LLP, one of the top 25 US accounting firms. This cryptographically proves Nexo holds all assets it claims — the most important trust signal post-FTX.

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Not a Licensed Bank

Nexo is not a licensed bank — it does not hold a banking charter or banking licence. This means your deposits are not covered by the EU Deposit Guarantee Scheme (€100K protection) or FSCS (£85K in UK). This is the key risk difference vs Revolut.

What Happened to Nexo in 2022–2023?

October 2022: Nexo withdrew from the US market after the SEC and 8 state attorneys general investigated its Earn Interest product (similar to the action that resulted in BlockFi's $100M fine).

January 2023: Bulgarian authorities raided Nexo offices and froze assets of some executives in a money-laundering probe. The charges were later dropped and assets unfrozen.

Throughout 2022: While Celsius, BlockFi, and Voyager collapsed — Nexo did not. Nexo continued operating, processing withdrawals, and publishing Proof of Reserves throughout the crypto bear market.

Conclusion: Nexo faced serious regulatory pressure but survived the 2022 crypto winter intact — unlike its major competitors. The US withdrawal was pre-emptive to avoid SEC action, not due to insolvency.

Key Risk Factors

Platform Risk

moderate

Nexo could theoretically fail, freeze withdrawals, or become insolvent. No CeFi platform is risk-free.

No Deposit Protection

moderate

Unlike Revolut (€100K DGS), your crypto on Nexo is not insured by any government scheme.

NEXO Token Dependence

moderate

Best rates require holding NEXO tokens. If the token price falls, your yield advantage disappears.

Not Available in US

low (if outside US)

Nexo withdrew from the US market in 2022. US residents should use Kraken Bank or Fold instead.

Preguntas frecuentes

Is Nexo regulated? +

Nexo is Swiss-registered and holds EU crypto asset licences. It is MiCA compliant as of 2026. It is not a licensed bank and does not hold a banking charter. It publishes monthly Proof of Reserves via Armanino LLP.

What happened with Nexo and the SEC? +

In 2022, Nexo proactively withdrew from the US market after the SEC and multiple state attorneys general opened investigations into its Earn Interest product. This was similar to the SEC action against BlockFi (which resulted in a $100M fine). Nexo was never charged — it exited the US to avoid regulatory action. US residents cannot use Nexo.

Does Nexo have Proof of Reserves? +

Yes. Nexo publishes monthly Proof of Reserves (PoR) audited by Armanino LLP, one of the top 25 US accounting firms. PoR uses cryptographic attestation to prove Nexo holds all assets it claims. This was one of the most important differentiators during the 2022 crypto crisis — Celsius, BlockFi, and Voyager did not publish PoR and all collapsed.

Is Nexo better than Celsius or BlockFi? +

Yes, significantly. Celsius, BlockFi, and Voyager all collapsed in 2022. Nexo survived because it: (1) maintained a conservative lending approach, (2) had higher collateralisation requirements for loans, (3) published Proof of Reserves, and (4) had a diversified business model. All three collapsed platforms lacked these safeguards.

How much should I keep on Nexo? +

No financial recommendation can be made, but a common-sense principle: only deposit what you can afford to lose. Many users apply the same logic as exchange deposits — keep your long-term holdings in a cold wallet (Ledger, Trezor) and only deposit what you actively want to earn yield on. Diversifying across multiple PoR-audited platforms (e.g. Nexo + Ledn) reduces single-platform risk.

Read the Full Nexo Review

Rates, fees, score breakdown, pros and cons — all in one place.

Nexo Review 2026 →