Crypto Lending Giant Nexo To Suspend US Operations – Crypto News – Crypto News
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Crypto Lending Giant Nexo To Suspend US Operations – Crypto News

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2 years ago

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On Dec 5, crypto lender Nexo announced that it would discontinue operations in the United States within the next few months. The company specifically mentioned that it would immediately cut off access to its “Earn Interest Product” in eight US states and is no longer allowing new registrations for its Earn product.

Regulator Discussion Hits Dead End

According to Nexo’s official announcement, the firm had already off-boarded Earn clients from New York and Vermont at the regulator’s insistence. The announcement further states that,

“Our decision comes after more than 18 months of good-faith dialogue with US state and federal regulators which has come to a dead end”

The firm also cites that, their Earn Interest Product will no longer be available from December 6, 2022, for existing clients in eight additional US states – Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington.

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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