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Cryptocurrency lending company Nexo is suspending operations in the United States

Cryptocurrency lending company Nexo is suspending operations in the United States

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Answer Cryptocurrency lending company Nexo is suspending operations in the United States

On December 5, cryptocurrency lending company Nexo announced that it will cease operations in the United States of America within the next few months.

While the company specifically stated that it would immediately cut off access to interest product in eight US states and no longer allow new registrations for its “Earn” products.

Discussion with legal bodies reaches a dead end:

According to announce Official Nexo, the company earlier removed Earn customers from New York and Vermont at the insistence of regulators.

Also from the Nexo announcement:

Our decision comes after more than 18 months of good faith dialogue with state and federal regulators in the United States reached a dead end.

Read:The Ethereum coin achieves a historical record above 3000 dollars, and the founder of Ethereum becomes the youngest crypto billionaire

Additionally, the Company notes that the interest-earning product will not be available from December 6, 2022 to existing customers in eight additional US states, namely:

Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California and Washington.

After Nexo Makes Its Final Decisions…Is FTX’s Crash To Blame?

According to Nexo, the latter has had many grievances with US regulators, claiming that although the regulators initially encouraged their cooperation and the path toward sustainability seemed viable, the recent FTX saga made it impossible for the company to continue its operations.

What was stated in the advertisement:

Given the challenges of America’s confusing and contradictory regulatory system, we begin with a heavy heart with the gradual and orderly departure from the United States of America.

Earlier, according to the California Department of Financial Protection and Innovation, interest-earning accounts at Nexo offered interest rates of up to 36% per annum.

Read:Report: LINK coin manipulation of prices with what is known as “Pump and Dump”

Nexo later claimed that the 36% interest rate only applied to a single asset.

Although the cryptocurrency lender has not provided a firm timeline for its overall withdrawal from the US, Nexo said it will continue to process customer withdrawals in real time as it gradually shuts down its US operations.

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