Crypto Lender Nexo to Leave the USA After Discussions with Regulators Hit a Stalemate
Major crypto lender Nexo will be leaving the United States over the next few months, as the company was unable to reach an agreement with the country's regulators.
In a blog post published on Monday, Nexo stated that it would be "phasing out its products and services in the United States in a gradual and orderly fashion over the coming months."
The reason behind this move includes "inconsistent and changing positions among state and federal regulators," which Nexo said it had tried to accommodate by adapting and modifying its business.
Nonetheless, they ended up having to leave, saying:
"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."
Therefore, as part of this gradual exit, as of today, Nexo's Earn Interest Product will not be available for existing clients in eight additional US states: Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington.
"In the interim and until further notice," it added, these clients will still have access to all other Nexo products available in the above-mentioned jurisdictions.
The company suggested that, when it comes to the crypto industry, the USA is all talk and no action - but also that it may not have the crypto users' best interests in mind.
It stated that,
"It is now unfortunately clear to us that despite rhetoric to the contrary, the US refuses to provide a path forward for enabling blockchain businesses and we cannot give our customers confidence that regulators are focused on their best interests."
The company added that its payment specialists have been informed of the decision, and that they will continue processing withdrawals in real time in order to ensure that
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