The Nexo crypto lending platform announced the suspension of interest accrual on the Nexo Earn Interest product to new customers from the United States. Residents of other countries receive services on the same terms. company support account on reddit.
Interest for existing Nexo Earn Interest US customers will not accrue on future deposits. Based notifications, in the near future, subscribers will be transferred to Earn Interest 2.0, and new deposits will begin to earn interest. Product restructuring implies its registration with the SEC.
The company’s policy was introduced to “consist with recently announced guidelines.”
Such actions could be the result of news about settlement Nexo’s competitor – BlockFi – claims from the Commission and financial supervisors at the state level. The platform has committed not to provide services related to BIA Savings Accounts to US residents. It will also pay $100 million in fines. Further BlockFi announced about plans to register a new product in the US.