Crypto loan firm Nexo has announced that it will cease operations in the US and leave the country.
The company will also immediately suspend access to the “earn” product in several states.
Nexo Leaves USA
The company announced today that it will stop offering products and services in the US in the coming months, and will immediately cease access to its Earn Interest Product in eight states. However, new US customers will not be accepted to enroll in these programs.
The company stated that it has been in talks with both state and federal regulators, but these talks have come to a dead end. While no details were given about this stalemate, he noted that law enforcement is trying to “proactively change” their jobs.
Nexo announced that it has disabled Earn customers in New York and Vermont at the insistence of those states’ regulators. Additionally, access to the product will be suspended shortly in Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California and Washington.
Residents of these states will be able to continue using the company’s other services.
“Despite rhetoric to the contrary, it is regrettably clear to us that we cannot reassure our clients as the US refuses to provide a way forward for blockchain businesses and regulators are focused on their own interests.”
The company did not reveal the exact date it will withdraw from the US market.
