Is Neverless Regulated？ A MiCA Company Profile

Editorial company profile — fact-checked by Neverless on 8 and 9 September 2026.This is the English-language edition of a definitive company profile prepared by The Cryptonomist. Every company-supplied figure and statement is labelled as such; regulatory facts are drawn from the registers of Latvijas Banka, ESMA and the AMF. Publication is editorial and is not conditioned on any purchase.

In one line:Neverless is a London-founded, ex-Revolut-led crypto and investment platform whose Latvian entity, Neverless SIA, was authorised by Latvijas Banka on 20 May 2026 as the fourth MiCA crypto-asset service provider (CASP) licensed in Latvia — covering five crypto-asset services defined under MiCA, including the comparatively uncommon portfolio-management scope, and passported to every EEA state — while a separate group entity, Boku Securities SIA, holds an older MiFID II licence that underpins the platforms stock-trading product.

At a glance

Sources: Latvijas Banka authorisation notice and market-participant register; ESMA CASP register; AMF France MiCA whitelist; TechCrunch; CoinDesk; company statements. Full list in the accompanying dossier.

What is Neverless？

Neverless is a retail crypto and investment platform founded in June 2022 in London by three former Revolut executives — Phuc To, Arthur Johanet and Mikael Peydayesh — who between them held senior roles at Revolut spanning product, cards, crypto, payments and premium. [TechCrunch; Mikael Peydayesh, Neverless] It describes itself as building “passive and active investment tools” for retail users, spanning crypto trading, automated strategies and, more recently, stock trading. (company-reported) [neverless.com] It raised a US$6.7 million seed round led by Lakestar and Connect Ventures, and puts its current scale at more than 100,000 users and over US$10 billion in trading volume— up from the roughly 50,000 users and US$1 billion CoinDesk reported in October 2025. (company-reported, 8 September 2026) [TechCrunch; CoinDesk; Mikael Peydayesh, Neverless]

Neverless is not one company under one licence: it operates through three EU-regulated legal entities, each with its own status — Neverless SIA (Latvia, MiCA), Boku Securities SIA (Latvia, MiFID II) and Neverless Labs S.L. (Spain, pre-MiCA national registration). [neverless.com/legal; Mikael Peydayesh, Neverless, 9 September 2026]

Is Neverless regulated？ The MiCA licence

Yes, through a dedicated Latvian entity. On 20 May 2026, Latvijas Bankaauthorised Neverless SIAas a crypto-asset service provider under MiCAR (Regulation (EU) 2023/1114). Licence No. 27-55/2026/8made it the fourth companyto hold a MiCA CASP licence from Latvijas Banka, covering: (1) custody and administration of crypto-assets on behalf of clients; (2) exchange of crypto-assets for funds; (3) exchange of crypto-assets for other crypto-assets; (4) portfolio management on crypto-assets; and (5) transfer services for crypto-assets on behalf of clients. [Latvijas Banka]

That is five crypto-asset services as defined by MiCA (Article 3(1)(16)) — a broad scope by the register‘s standards: of the 340CASPs with a live authorisation in ESMA’s register, 125hold one or two services and only 100hold five or more. Portfolio management is comparatively uncommon — 56of the 340 hold it (register downloaded 10 September 2026) — since it requires demonstrating the ability to manage client holdings on a discretionary basis, not just execute trades or hold assets. [ESMA] Asked why it sits alongside the other four, co-founder Mikael Peydayeshsaid: “Our ambition at Neverless is to become a complete investment platform, catered to all investor profiles. If you‘re an advanced investor looking for deep asset availability and close to zero trading cost: Neverless is the ideal choice. If you’re a novice investor looking for a simple interface and a very easy deposit method: Neverless is still the ideal choice. If you‘re a passive investor seeking returns without actively investing: Neverless will also be the ideal choice in the future. That’s why all five services, from custody, to exchange, transfers, and portfolio management are essential to us.” On timing: “It took a year and a half end-to-end,” placing the start in late 2024 — around when Boku Securities SIA obtained its separate MiFID licence (see below). [Mikael Peydayesh, Neverless, 18 August 2026]

Discover more

Access Premium News

Stock

financial

MiCA authorisation lets Neverless SIA passport its services across the EEA by notification rather than country-by-country licensing. Neverless has used that route in full: the ESMA CASP register lists Neverless SIA as notified to all 30 EEA states— the 27 EU member states plus Iceland, Liechtenstein and Norway (entry last updated 25 May 2026) — and France‘s AMF independently lists it on its MiCA whitelist, passported 22 June 2026. [ESMA; AMF France] The company’s own country list, supplied on 9 September 2026, matches the register state for state. Peydayesh: “Weve passported our licences to all EEA countries.” [Mikael Peydayesh, Neverless, 18 August and 9 September 2026]

Two licences, two entities: MiCA and MiFID

A distinction worth stating plainly: Neverless SIA‘s MiCA licence and the group’s MiFID licence sit with two different legal entities.

The MiFID II authorisation belongs to Boku Securities SIA, a separate Latvian company registered at the same address as Neverless SIA (Malduguņu iela 4, Mārupe). Its licence, No. 27-55/2024/5, valid from 4 November 2024— about 18 months before the MiCA authorisation — covers, among other services, order execution, portfolio management on financial instruments, safekeeping, and credit extension for investment transactions (the basis for the leveraged stock product below). [Latvijas Banka]

Peydayesh referenced this second licence unprompted: “One more thing worth mentioning: Neverless is one of the few MiCA-licensed platforms that also holds a MiFID licence. This will let us offer a complete suite of investment products, including traditional assets and derivatives, starting with stocks. We‘re launching them in the EEA in the coming weeks, with several key advantages over existing stock platforms.” [Mikael Peydayesh, Neverless, 18 August 2026] Read precisely, that holds for the group, not for one entity: it is Boku Securities SIA, not Neverless SIA, that holds MiFID authorisation. Asked to confirm that reading, the company did: “That’s correct. It‘s very common to have different entities in one group each offering different services. From the user’s point of view, there‘s no complication: still one app and one account.” [Mikael Peydayesh, Neverless, 9 September 2026] Neverless’s stock page (neverless.com/stocks) names Boku as the entity behind the service, offering “1,000+” U.S. stocks, stated zero trading/FX fees, leverage “up to 5x,” and “up to €20,000 EU government protection.” (company-reported) The product is live at the time of writing, matching the “coming weeks” reference. [neverless.com]

On payments, Neverless does not yet hold a Payment Service Provider licence: “Our application for the Payment Service Provider licence is currently under review by Latvijas Banka.” The company restated on 9 September 2026 that the application is still under review, and Latvijas Bankas public register for Neverless SIA, checked on 8 September 2026, lists none — consistent with a pending, not granted, application. [Mikael Peydayesh, Neverless, 18 August and 9 September 2026; Latvijas Banka]

Before MiCA, Neverless operated under Spains national regime through Neverless Labs S.L., registered with Banco de Españaas a virtual-asset service provider under no. D948, since 13 February 2024. (company-confirmed, 8 September 2026; the register entry itself was not independently retrieved for this profile.) [neverless.com; Mikael Peydayesh, Neverless]

Company and group history

• June 2022— Founded in London by Phuc To, Arthur Johanet and Mikael Peydayesh, ex-Revolut. (company-confirmed, 8 and 9 September 2026) [TechCrunch; Mikael Peydayesh, Neverless] Seed round: US$6.7m, led by Lakestar and Connect Ventures. [TechCrunch]
• 13 February 2024— Neverless Labs S.L. is registered with Banco de España as a virtual-asset service provider, no. D948. (company-confirmed) [Mikael Peydayesh, Neverless]
• 4 November 2024— Boku Securities SIA obtains a MiFID II licence from Latvijas Banka (No. 27-55/2024/5). [Latvijas Banka]
• October 2025— CoinDesk reports ~50,000 users, over US$1bn cumulative volume, and a leveraged bitcoin accumulation product. [CoinDesk]
• 20 May 2026— Neverless SIA authorised by Latvijas Banka as Latvias fourth MiCA CASP, authorised for five MiCA services. [Latvijas Banka]
• 25 May 2026— ESMAs CASP register records Neverless SIA as notified to all 30 EEA states. [ESMA]
• 22 June 2026— Neverless SIA appears on Frances AMF MiCA whitelist. [AMF France]
• Mid-to-late 2026— Neverless launches stock trading via Bokus MiFID licence. As of 8 September 2026 it is live in France, Austria, Poland, Slovenia, Hungary and Portugal, with the remaining European markets expected by the end of September 2026. (company-reported, 8 September 2026) [Mikael Peydayesh, Neverless; neverless.com]

Leadership

Neverless was founded by Phuc To, Arthur Johanetand Mikael Peydayesh. At Revolut, in the companys own preferred wording: Phuc To was global head of product; Arthur Johanet was head of cards, then head of crypto; Mikael Peydayesh was head of payments, then head of premium. [Mikael Peydayesh, Neverless, 8 September 2026]

Phuc To is CEO, as the company confirmed in writing on 8 September 2026. Johanet and Peydayesh — the latter confirmed by the company as a co-founder — hold no formal title: the companys position is that both “wear many hats,” and it asked that no title be attributed to them. [Mikael Peydayesh, Neverless, 8 and 9 September 2026] This profile covers the three founders; no wider leadership roster was provided or found.

What Neverless offers

As stated by the company on 8 September 2026 and cross-read against its product pages:

• Asset range— 800+ crypto-assets, 1,000+ stocks, plus gold and silver. (company-reported, 8 September 2026)
• Trading terms— zero trading and FX fees, best execution price, 24/7 trading, leverage up to 5x, shorting and DCA (dollar-cost averaging). (company-reported, 8 September 2026)
• Cash— automated passive interest on uninvested funds. (company-reported, 8 September 2026)
• Deposits and withdrawals— zero fees on bank deposits and withdrawals; 2.49%on card-based deposits above certain thresholds. (company-reported, 8 September 2026 — this supersedes the 1% figure reported by TechCrunch in December 2024)
• Stock trading— real stock ownership with up to €20,000investor protection, commission-free, 24/7 trading on major stocks, leverage up to 5x; provided via Boku Securities SIAs MiFID licence. (company-reported, 8 September 2026) [Mikael Peydayesh, Neverless; neverless.com]
• Portfolio management on crypto-assets— the discretionary service explicitly listed on the MiCA licence, distinct from self-directed trading. Authorised, but the company itself frames the fully passive offer as forthcoming: the passive investor, in Peydayeshs words, will find Neverless “the ideal choice in the future”. [Latvijas Banka; Mikael Peydayesh, Neverless, 18 August 2026]

No performance figures for any yield, staking or strategy product were independently verified for this profile, and none should be read as investment advice or a return guarantee.

Scale and market position

Neverless puts its current scale at more than 100,000 usersand over US$10 billionin trading volume. (company-reported, 8 September 2026) [Mikael Peydayesh, Neverless] These are company figures, not independently audited: the last independently reported numbers are CoinDesk‘s ~50,000 users and over US$1bn cumulative volume of October 2025, which the company’s own update supersedes. No revenue, AUM or headcount data was found or verified.

Reputation

No sanction, enforcement action or court judgment from an EU, UK or US regulator against Neverless SIA, Boku Securities SIA or Neverless Labs S.L. was found, and the company states it “never had any sanction, enforcement action or court judgment.” [Mikael Peydayesh, Neverless, 8 September 2026] Both Latvian entities appear active on Latvijas Bankas public register as of the verification date. [Latvijas Banka] No independent security certification (proof-of-reserves audit, penetration test) was found, and the company, asked directly, did not point to one.