- It said it’s challenging to work with inconsistent and changing stances of regulators
- Customers’ withdrawals will be processed in a smooth and real-time manner, it said
All-in-One crypto platform Nexo is wrapping up its business in the United States and leaving the country. It will withdraw its products and services in a gradual and orderly manner, the company said in an announcement on its website.
“Our decision comes after more than 18 months of good-faith dialogue with US state and federal regulators which has come to a dead end,” Nexo said in its statement.
To make its exit from the US market in an organized and well-planned manner, Nexo has deployed its payment specialists to ensure smooth and real-time withdrawals.
Regulators’ Inconsistent Stance
Nexo pointed out our inconsistent and frequently changing stance of state and federal regulators making it impossible for the company to function. Despite proactively responding to regulators’ concerns, it was difficult for the company to offer products and services on a reliable note.
“It is now unfortunately clear to us that despite rhetoric to the contrary, the US refuses to provide a path forward for enabling blockchain businesses and we cannot give our customers confidence that regulators are focused on their best interests,” Nexo added.
Talking about the sacrifices and adjustments it made to meet the regulators’ expectations, Nexo said it off-boarded clients from New York and Vermont states and also suspended new registrations from US clients for our Earn Interest Product.
Earn Not Available in 8 More States
Nexo also said that its customers in eight additional states — Indiana, Kentucky, Maryland, Wisconsin, California, Oklahoma, South Carolina, and Washington — would no longer have access to the Earn program.
“These immediate changes only affect the usability of the Earn Interest Product for citizens and residents of the eight aforementioned states. In the interim and until further notice, these clients will continue to enjoy access to all other Nexo products available in these jurisdictions,” the company explained.
