Crypto lending platform and exchange Nexo will wind down product offerings as it looks to exit the U.S. market after failing to strike a clear path forward with regulators.
Starting on Dec. 6, 2022, the firm will discontinue its Earn Interest Product in Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington. Pending further notice, customers in these states will have access to Nexo’s other crypto product offerings.
Nexo Fed Up With Conflicting Regulations
Despite taking several actions to comply with regulators’ concerns, including offboarding clients from New York and Vermont, Nexo said that it has grown weary of turf wars between government agencies that, in its view, have complicated its efforts at being compliant. It also expressed exasperation at several states filing actions against the company without prior notice and has therefore decided to exit the U.S. market.
“Given the challenges of…
