Nexo to Shut Down U.S. Operations

31 sec read

A regulatory investigation will begin on Monday against Nexo, the British crypto lender. Eight U.S. states stated that it had reached an “end” with U.S. regulators during the past 18-months and would gradually end its operations in America.

The company stated that American regulators “refuse to provide a path to enable blockchain businesses.”

Nexo said that after 18 months of dialogue with U.S. regulators, and more than 18 months in good faith, the decision was made.

Over a year ago, regulators were alerted to the company’s alleged provision of interest-earning accounts via unregistered stocks. Nexo said that it was unable to find regulatory clarity as the primary reason it decided to leave America.

Nexo intends to ban users in eight states Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California and Washington from using interest-earning accounts.

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Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.

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