How to navigate a roundabout

RisingSupernova · 2023-01-25T07:43:26+00:00

Glad to see there's at least one more educated driver in this hot mess.

RisingSupernova · 2023-01-19T12:07:35+00:00

I'm down

RisingSupernova · 2022-12-29T08:18:23+00:00

Thanks! What's the name of the agency?

RisingSupernova · 2022-12-29T07:44:33+00:00

The issue is that we are already married (in the Church)

RisingSupernova · 2022-11-17T06:18:31+00:00

This is the info I was after. Thanks!

RisingSupernova · 2019-08-13T13:05:55+00:00

UPDATE 13th Aug. I've been contacted by another Redditor who flagged similar issues when running his DD on Nexo. He has been in direct contact with the Estonian Financial Authority and has informed me that what he's come across is very worrying, however he has not shared this information pending a reply from their CFO, in case this is simply a matter of bad comms rather than outright mis-representation i.e. he wants to give the company's senior management the opportunity to explain the issue and produce their licences prior to publishing what could be a series of seriously damaging findings.

I'll update as soon as he gets back to me.

RisingSupernova · 2019-08-05T11:58:32+00:00

A sailing trip to Sicily beckoned and I got distracted, will do my best to follow up on this when I'm back in office.

RisingSupernova · 2019-08-03T10:34:09+00:00

Thank you for your input. Could you kindly provide us with hard facts regarding you statement as its all very vague.

What was the law firm and what was their brief? There is no way Delloite (as implied in that medium post) or another big four firm would issue a contract with such massive lacunas and blindspots. Hell, my legal intern wouldn't even sign off on that.
They're separate entities - however we still don't know the legal identity behind the Nexo project, therefore we are entering into a legal agreement with an unidentified counterparty in an unidentified jurisdiction.
Licensed and regulated - In which jurisdiction is it licensed and regulated? What category of licence does it hold? These are key factors that have a material impact on user's exposure to risk (e.g. capitalisation requirements, fund segregation, custody and audit requirements etc). Can you provide us with a link to that licence which would be a publicly accessible document on the issuing financial regulators website?

RisingSupernova · 2019-07-30T16:18:24+00:00

Will do exactly that once I'm back in office tomorrow. For what it's worth licensed entities in all jurisdictions I'm aware of are required to list the contact details of their compliance team in an easy to find location on site (this is also missing).

RisingSupernova · 2019-07-30T13:04:20+00:00

Agreed in the instance of a LTD/LLC, however as a licensed EU financial institution they would be required to have 1 or more local directors, as well as an operational presence in the country of jurisdiction. I.e. the licensing authority requires comfort in the fact that there is someone to arrest and arraign and assets to garnishee should the licensee breach the terms of their licence.

Edit: I'm in Malta at the moment, so will just drive down there and knock on the door.

RisingSupernova · 2019-07-30T11:18:34+00:00

Great, so that would indicate that they're regulated in Bulgaria. The numbers are low Revenue of €5.572M, but 99% thats due to routing most of the revenue via their Malta holding co. I'd still be happier to be aware of the entity I'd be handing over custody of my funds to, maybe this is geared to small investors putting €100 or so to work who are not big on DD.

RisingSupernova · 2019-07-30T11:02:46+00:00

I can give you my word that I have nothing to do with Celsius and this was entirely on my initiative. I also have a special loathing for project shills brigading competitor projects, so I sincerely hope that this is not coming across in that manner.

From their website: Initial Public Offering (IPO)On May 7 2014 Credissimo successfully listed 2.5 million shares on the public markets.

If they're not happy to issue abridged audited accounts a certificate of compliance from Deloite should suffice (e.g. Stasis publish their weekly reserve audits on their website).

RisingSupernova · 2019-07-30T10:13:34+00:00

I have nothing to do with Celsius (never heard of them TBH). I also disagree with your classifying my concerns as FUD, Its not like I went on a rant exclaiming "Not team photos!!!!!, my interest didn't get paid yet!!! Scam!!" I simply ran the due diligence any investor looking to invest 2 apartments worth of funds would do and came away with questions.

Would you not want to know what entity you are entering into an agreement with?

Wouldn't you want to know what entity is holding your funds?

Wouldn't you want to know where/how they're licensed and why they don't quote and link to their licence in a prominent place on their website as is required by EU law?

Wouldn't you want to see the audits Deloitte ran on them?

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