Cryptocurrency lender Nexo is leaving the US market following 18 months period of dialogue with US state and federal regulators, the company has announced in a blog post.
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Nexo said it would leave the US market gradually as the dialogue with regulators "has come to a dead end." Nexo noted that despite "inconsistent and changing positions" among state and federal regulators, the company tried to provide all the requested information and to adjust its business in response to their concerns.
"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."
As of December 6, 2022, Nexo will suspend its Earn Interest Product for clients in eight additional US states: Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington. Nexo noted that users in the aforementioned states will still be able to use other services until further notice.
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