Without a MICA license, Nexo is at a higher risk of doing a "Celsius, Voyager, BlockFi, and Genesis"

A quick google search of crypto lendin companies that went bust:

Several major cryptocurrency lending companies collapsed during the 2022 market downturn, setting off a domino effect across the industry. The highest-profile failures include:

BlockFi: Filed for Chapter 11 bankruptcy in November 2022 after the collapse of FTX, which had previously extended a credit line to keep the lender afloat.

Celsius Network: Filed for bankruptcy in July 2022 due to a massive liquidity crisis triggered by falling crypto prices and heavy exposure to the collapsed Terra ecosystem.

Voyager Digital: Filed for Chapter 11 bankruptcy in July 2022 following massive defaults by the crypto hedge fund Three Arrows Capital (3AC).

Genesis Global: The prominent institutional crypto lender filed for Chapter 11 bankruptcy in January 2023 after suffering catastrophic losses from its loans to 3AC and Alameda Research (FTX).

These bankruptcies resulted in tens of billions of dollars in investor losses and highlighted the risks of extreme interconnectedness and a lack of regulatory safeguards in the crypto lending space.

No body know how solvent Nexo is as a crypto lender. They could be 100% legit and 100% solvent.

But if they are not 100% solvent (like Celsius, Voyager, Blockfi, Genesis), without a Mica license, all who use Nexo in the EU will need to leave and taking their crypto with them.

That will be a stress test for them.