Crypto Lender Nexo to Exit US Market After Facing Regulatory Scrutiny
- Firm says recent events caused change in regulator engagement
- Lender faced cease-and-desist orders for offering earn product
A Nexo booth during the Bitcoin 2022 conference in Miami, Florida.
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
Crypto lender Nexo Inc. is phasing out its products and services in the US market after facing cease-and-desist orders from multiple states over its interest-earning products.
“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 a statement on Monday. “Although regulators initially encouraged our cooperation and a sustainable path forward appeared viable, the events of recent weeks and months and the subsequent change in regulators’ behavior point to the opposite,” it said.