Due to issues with the US government, Nexo, a crypto lender based in the UK, will leave the market and cease all US services.
After 18 months of in-depth discussions with the US government, Nexo decided to leave the country, according to a statement it released on Monday.
In the field of cryptocurrency, crypto lenders act like banks and set a one-year interest rate for customers who deposit crypto with them to return interest. Crypto lenders experienced rapid expansion during the COVID-19 pandemic; however, since September 2022, crypto lenders have been forced to close customer withdrawals due to a lack of funds, resulting in substantial losses for customers.
Additionally, Celsius, Voyager Digital, and BlockFi, all based in the United States, have filed for bankruptcy this year alone. In September, Nexo was assessed a fine by the United States for failing to register its Earn Interest products. Nexo will be leaving the United States in December, and the assets of all US customers will be returned.
Due to issues with the US government, Nexo, a crypto lender based in the UK, will leave the market and cease all US services.
After 18 months of in-depth discussions with the US government, Nexo decided to leave the country, according to a statement it released on Monday.
In the field of cryptocurrency, crypto lenders act like banks and set a one-year interest rate for customers who deposit crypto with them to return interest. Crypto lenders experienced rapid expansion during the COVID-19 pandemic; however, since September 2022, crypto lenders have been forced to close customer withdrawals due to a lack of funds, resulting in substantial losses for customers.
Additionally, Celsius, Voyager Digital, and BlockFi, all based in the United States, have filed for bankruptcy this year alone. In September, Nexo was assessed a fine by the United States for failing to register its Earn Interest products. Nexo will be leaving the United States in December, and the assets of all US customers will be returned.
Crypto lender Nexo will leave the United States