Nexo Reveals Date When it Will Halt Earn Program for US Customers

Nexo will stop providing its Earn Interest Product to US customers as of April 1, 2023.

This is a direct consequence of the company’s recent settlement with US regulators, in which it had to pay $45 million in fines.

• Recall the agreement reached between Nexo and the US SEC as well as NASAA, which “concluded on a no-admit-no-deny basis and closed all multi-year-long inquiries” into the crypto lender.
• The company now announced that it will stop the Earn Interest Product for all US customers on April 1, 2023, including residents and citizens based in “50 US States and three territories.”
• subsequently, the lender advised affected clients to withdraw their assets from the program “at a convenient time” until that date. Nevertheless, the firm’s program will provide its promised interest rates until April 1.
• Aside from its issues with the US government, the crypto lender has had its fair share of controversial dealings with the Bulgarian authorities.
• local prosecutors raided Nexo’s offices at the start of the year. Later on, some of the country’s political parties began blaming each other for the Nexo developments, as company execs had donated to one of them.
• In the latest, the lender’s co-founder, Antoni Trenchev, threatened to sue the government for up to $1 billion for the reputational damages it had done.