According to a court document filed last week, cryptocurrency lender Nexo has sued the Cayman Islands Monetary Authority to have the regulator reverse its rejection of Nexo’s application to register as a virtual asset services provider (VASP). The regulator initially denied the company’s Dec. 20 application, citing “insufficient documentation on customer risk assessment and enterprise risk assessment,” as well as deficiencies in anti-money laundering procedures. However, Nexo argued in the court document that the reasons for the application were not “satisfactory” or “sufficiently detailed.”