Nexo to Phase Out Service in US After Hitting 'Dead End' With Regulators
Published
The U.K. crypto lender said it would suspend access to its Earn product in eight states from tomorrow.
By Matt BrienenCrypto lender Nexo today announced it will gradually phase out U.S. products and services over the coming months due to hitting a “dead end” with regulators.
The U.K. company said in a Monday announcement that it had been talking with regulators for 18 months but the U.S. “refuses to provide a path for enabling blockchain businesses.”
Nexo is a digital asset platform that loans out client funds and uses the proceeds to pay interest. (Disclosure: Nexo is one of 22 investors in Decrypt.)
Crypto lender Nexo today announced it will gradually phase out U.S. products and services over the coming months due to hitting a “dead end” with regulators.
The U.K. company said in a Monday announcement that it had been talking with regulators for 18 months but the U.S. “refuses to provide a path for enabling blockchain businesses.”
Nexo is a digital asset platform that loans out client funds and uses the proceeds to pay interest. (Disclosure: Nexo is one of 22 investors in Decrypt.)
Unlike other crypto lenders such as BlockFi, Voyager, and Celsisus, which have all collapsed following the fall of crypto project Terra and digital asset exchange FTX, Nexo has so far managed to keep its head above water.