- Trusted crypto lender Nexo is phasing out its services in the US
- Nexo offers instant loans to crypto users
- Nexo is placed in top place with 66% of votes
The London-based crypto lender Nexo announced that it would ‘phase out its products and services’ from the United States citing . On Monday, 2022, Nexo revealed that it had been facing issues with US regulators to run services in the US. Nexo’s payment specialists assured the customers that it would continue processing withdrawals to avoid uninterrupted access to assets.
“Today we are announcing the regrettable but necessary decision that Nexo will be phasing out its products and services in the United States due to a lack of regulatory clarity,” Nexo tweeted.
From December 6 onwards, Nexo products will not be available in eight additional US states – Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California and Washington. The sudden changes will impact the usability of the Earn Interest Product for Nexo users of these eight states.
Today we are announcing the regrettable but necessary decision that Nexo will be phasing out its products and services in the United States due to a lack of regulatory clarity.
— Nexo (@Nexo) December 5, 2022
Nexo stated that “as part of our cooperative approach with regulators, during the course of 2021 and 2022, we have off-boarded clients from the states of New York and Vermont and have suspended new registrations for all US clients for our Earn Interest Product to meet regulator’s expectations.”
Currently, Nexo is managing more than three million users across 200 jurisdictions. Nexo is an online crypto lender platform that offers cold wallets for storing crypto assets. Nexo also provides consumer loans and debit cards for online and offline purchases.
Nexo Offers Instant Crypto Loans
Nexo provides loans from $50 (USD) to $2 million (USD).
Current Cryptocurrencies That Are Available To Serve As Collaterals Are
- Bitcoin
- Ether
- XRP
- Litecoin
- NEXO Tokens
- Binance Coin
- Stellar
- EOS
Recently Nexo collaborated with BitGo, the world’s largest processor of on-chain bitcoin transactions. Some of BitGo’s major investors are Goldman Sachs, Craft Ventures, and Galaxy Digital Ventures. The insurance is provided by Lloyd’s, covering up to $100 million of investors’ funds in cold wallets.
Source: https://www.thecoinrepublic.com/2022/12/06/nexo-exits-us-citing-regulatory-restrictions/