Cancellation Nexo: Easy Method

What is Nexo

Nexo is a crypto-financial platform that has offered services such as crypto-backed loans, interest-earning accounts, an exchange, and a payment card, and it issues a native token (NEXO). The company operated in multiple jurisdictions, including Canada, but announced a phased withdrawal of certain services for Canadian clients; users should consult the company notices for the exact scope and timing of changes.

How to cancel Nexo

• Review Nexo's termination and Canadian update pages: Termination policy and Update for Canadian clients to confirm timelines and any platform notices.
• Close or repay any outstanding loans and release collateral before requesting account closure; outstanding loan obligations can block withdrawals.
• Move crypto and fiat out of Nexo - withdraw to an external wallet or bank account you control. Double-check whitelisted withdrawal addresses and network fees before initiating transfers.
• If you have a Nexo Card, request card closure through support and seek merchant refunds directly from the merchant for any card purchases that require refunds (card refunds are issued by the merchant, not Nexo).
• Open a support ticket via the Nexo Help Center and request account termination/closing confirmation; keep ticket IDs and any responses.
• For formal written notice, send a termination/withdrawal letter to Nexo Services S.r.l. at the registered office (see Address section). You may choose registered mail (raccomandata A/R) or another tracked delivery method and keep the tracking receipt.
• Retain screenshots and export transaction history, loan IDs, balances and withdrawal confirmations before you lose access.

What happens when you cancel

After you cancel or after Nexo suspends services for your account, access to product features (interest accrual, trading, card usage) will typically end; you must withdraw assets before suspension. If Nexo initiates termination, their policy states they will notify affected account holders before suspending services so clients can close loans and withdraw funds unless legally prohibited from doing so.

Account data may be retained for compliance and legal reasons according to Nexo's policies; you should export records you need for tax or personal tracking before access is removed.

Will I get a refund?

Refund eligibility depends on the product and the merchant/vendor policy. For purchases made with the Nexo Card, refunds are issued by the merchant, not by Nexo, and once the merchant processes a refund the funds should appear in your Nexo Savings Wallet no later than one day; any crypto cashback received for the original purchase will be reversed via a separate Cashback Reversal transaction. There is no publicly stated general 14‑day refund right for Nexo's digital asset services - refunds are governed by merchant policies, applicable law, and the nature of the transaction.

Nexo plans and pricing

Your consumer rights in Canada

Nexo informed Canadian users about a staged winding down: no new onboarding from April 15, 2023; Earn Interest Product closed to new assets from May 1, 2023; and Exchange/Prime/Pro services stopped on August 1, 2023. Given that phase-out, Canadian consumers must actively withdraw assets and close positions ahead of any service suspension. Nexo's termination policy commits to notifying affected account holders in advance so they can secure their assets, except where notification is prohibited by law or court order.

Because Nexo is not registered with Canadian securities or banking regulators (for example, with the CSA/OSC in the context of deposits), Canadian deposit insurance or other local financial protections generally will not apply. Users should consider this when choosing where to custody assets and seek regulated Canadian providers if they require deposit insurance or local regulatory protections.

Customer experiences

Public reviews are mixed. Positive feedback highlights fast transfers, clear or low fees, interest-earning capability, and card usability; independent reviews note robust security practices such as cold storage, insurance coverage, mandatory two-factor authentication and withdrawal whitelisting. Negative reports include technical issues (for example, problems adding the Nexo Card to Apple Pay), account access or withdrawal difficulties, and frustrations reported by some Canadian users as services were phased out. During the Canadian wind-down users on forums and social platforms reported delays and limited responses from support in specific cases; Nexo denies scam allegations and points users to official communications for timelines and procedures.

Documentation checklist

• Government ID (passport or driver’s licence) and proof of address (utility bill or bank statement)
• Account email and username, and any two-factor device details
• Loan IDs, collateral details and repayment confirmations
• Transaction history exports and screenshots of current balances
• Receipts and order/reference numbers for Nexo Card purchases and any merchant refund correspondence
• Copies of support tickets, ticket IDs, and any formal termination letters you send (plus postal tracking numbers)
• Destination wallet addresses or bank account details for withdrawals

Common mistakes

Waiting until the last minute to withdraw funds during a platform wind-down can cause delays or temporary inability to transfer assets, particularly if volume spikes or additional verification is required. Failing to close or repay loans can block withdrawals because collateral is tied to loan positions. Using non-whitelisted withdrawal addresses or entering incorrect network details can result in lost funds. Another common error is assuming Canadian deposit insurance or an automatic refund right for crypto services - these protections generally do not apply to unregistered crypto platforms.

Comparative recap

After cancelling

After you complete cancellation and withdrawals, verify that all transfers cleared to your destination accounts and retain confirmations and exported records for tax and audit purposes. Consider moving any remaining crypto to a regulated Canadian custodian if you require local protections. If you encounter unresolved issues (for example, withheld funds or suspected misconduct), keep a complete file of communications and consider contacting consumer protection or financial authorities; when relevant, you can reference official Nexo notices and timelines in your communications.

Useful links: Nexo termination policy - https://nexo.how/kb/termination-policy/; Update for Canadian clients - https://nexo.com/blog/update-for-canadian-clients; Card refund information - https://nexo.how/kb/how-can-i-request-a-refund-for-a-purchase-made-with-my-nexo-card/.

Address

Nexo Services S.r.l., Via del Lauro 9, 20121 Milano, Italia