Coin Edition -
- Nexo will no longer offer its Earn Interest Product to US citizens and residents.
- The decision was in line with the recent settlement with major US regulatory bodies.
- Previously, Nexo offered up to 36% per year on their crypto staking.
Nexo, a blockchain-based lending platform, has announced that it will no longer be offering its Earn Interest Product to US clients, which includes US and residents, from April 1, 2023.
The firm made the declaration via its official website last Friday, noting that the decision was in line with the recent settlement with major US regulatory bodies.
The agencies included the Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA), the New York Attorney General, the Texas Department of Banking, the Washington Consumers Services Division, and the Alaska Division of Banking and Securities.
Nexo noted that between now and April 1, customers’ balances on Nexo will continue to receive the same interest rate as that of the date of Nexo’s landmark resolution in the US. Nonetheless, US clients must take out their funds as soon as possible.
However, accounts that have be…
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