NEX exchange token sale and launch pushed back.
Waiting for aproval from authorities.
The much anticipated NeonExchange NEX that is supposed to be the NEO version of IDEX has hit a major road block. All systems are put to a halt as they are waiting on final approval from the FMA (Financial Market Authority) located in Liechtenstein .
Why does NEX need regulatory approval?
Fundamentally, the reason NEX needs regulatory approval is that it is a security token under its jurisdiction.
When will the token sale happen?
The FMA does not provide a concrete timeline on the approval process. NEX will announce FMA approval as soon as they have it, and the token sale will happen exactly one week after that announcement to give the community time to prepare.
NEX public relations on hiatus
The last piece of concrete information was provided in a Medium post on June 8th. Since then the only update was provided by the co-founder Ethan Fast. Who seems to be kind of a jerk. He complains about people asking him why he never thought about the FMA approval timing.
Here he is again barking back at disappointed people on twitter
Warning on the website
The website also has a big warning in red letters, which cant be a good sign.
"The NEX tokens have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any jurisdiction in the United States and, absent such registration, may not be offered or sold in the United States, or to or for the account or benefit of a US person (as defined in Regulation S under the Securities Act), unless an exemption from the registration requirements of the Securities Act is available, and in each case in compliance with the securities laws of any local jurisdiction."
No communication channels
This is the teams statement regarding communication.
"At the moment we are concentrating our efforts on development, thus we are not opening channels (Telegram, Slack, Discord) besides the ones we already have. There is no mailing list."
Here are the Co-Founders. Fabio Canesin, Fabian Wahle, Ethan Fast and Luciano Engel. They could be reached on LinkedIN.
Future of NEX
There are a lot of people asking why the much anticipated token sale not happen yet. The issue of it being a security rather than a utility made the project hit a major snag and now its at the mercy of
Here is a quote from a "An unbiased Nex-Review" submitted 3 months ago by u/Behind_You27
The hype surrounding it might break it. Face it. There is a lot hype surrounding Nex. If it delivers, everyone is happy. If it has some issues at the start, people will be fairly mad. Most new investors just want their 10X and this has to be instant. The hype surrounding Nex doesn't justify it. A bit hype is understandable but keep in mind, it's just an exchange.