Crypto lender Nexo announced on Dec. 5 that it was phasing out its products and services in the United States due to a lack of regulatory clarity.
Today we are announcing the regrettable but necessary decision that Nexo will be phasing out its products and services in the United States due to a lack of regulatory clarity.
— Nexo (@Nexo) December 5, 2022
Nexo stated that its “18 months of good-faith dialogue with U.S. state and federal regulators” had not yielded the desired results as their positions were inconsistent and always changing.
According to people close to the matter, “the US has embarked on a regulatory clampdown with blockchain firms taking the brunt while they try to provide a way for customers to protect themselves from the economic downturn.”
Nexo said it has off-boarded New York and Vermont clients and has also suspended registrations for all US clients for its Earn Interest Product. From Dec. 6, its Earn Interest Product will no longer be available for its existing clients in eight U.S. states –Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington.
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