{"id":71047,"date":"2022-12-06T11:31:29","date_gmt":"2022-12-06T09:31:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71047"},"modified":"2025-09-08T05:50:53","modified_gmt":"2025-09-08T02:50:53","slug":"nexo-to-exit-the-u-s-market","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nexo-to-exit-the-u-s-market\/","title":{"rendered":"Nexo to exit the U.S. market"},"content":{"rendered":"<p>The crypto-lending platform Nexo announced a &#8216;gradual scaling back&#8217; of its operations in the United States due to regulatory pressure.<\/p>\n<p>The company\u2019s representatives described the step as &#8216;sad but necessary&#8217;:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Our decision was taken after more than 18 months of good-faith dialogue with regulators at national and state levels. Despite their inconsistent, evolving positions, Nexo has continually pursued significant changes to the business.&#8221;<\/p>\n<\/blockquote>\n<p>For example, the firm has closed access to the platform for users in New York and Vermont, and limited the use of the Earn product by U.S. residents.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">As part of our cooperative approach with regulators, during the course of 2021 and 2022, we have off-boarded clients from the states of New York and Vermont and have suspended new registrations for all US clients for our Earn Interest Product to meet regulators\u2019 expectations. 4\/8<\/p>\n<p>\u2014 Nexo (@Nexo) <a href=\"https:\/\/twitter.com\/Nexo\/status\/1599818549739913217?ref_src=twsrc%5Etfw\">December 5, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Everything became completely clear after the Consumer Financial Protection Bureau (CFPB) decision last Thursday. It states that the agency has authority to study the use of our Earn product, which, as was insisted by the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> and state regulators, is a security, \u2014 according to Nexo&#8217;s blog.<\/p>\n<\/blockquote>\n<p>Similarly, another crypto-lending platform \u2014 BlockFi <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-blockfi-to-pay-100-million-in-fines-to-us-regulators\">had to pay $100 million in fines<\/a> to settle a dispute with the SEC and state financial regulators. The company also ceased providing US residents with services related to the <span data-descr=\"BlockFi Interest Account\" class=\"old_tooltip\">BIA<\/span> accounts.<\/p>\n<p>Subsequently BlockFi <a href=\"https:\/\/forklog.com\/en\/news\/blockfi-launches-savings-accounts-for-accredited-investors\">launched<\/a> savings accounts for accredited investors. However, soon, in the wake of the FTX crisis, the platform <a href=\"https:\/\/forklog.com\/en\/news\/blockfi-halts-withdrawals-amid-ftx-crisis\">suspended withdrawals<\/a>, and then <a href=\"https:\/\/forklog.com\/en\/news\/blockfi-files-for-chapter-11-bankruptcy-protection\">filed for bankruptcy<\/a>. <\/p>\n<p>In November, users <a href=\"https:\/\/forklog.com\/en\/news\/users-sue-nexo-over-blocked-assets\">filed a lawsuit against Nexo<\/a> over assets valued at around \u00a3107m.<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nexo announced a &#8216;gradual scaling back&#8217; of operations in the United States due to regulatory pressure.<\/p>\n","protected":false},"author":1,"featured_media":71048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1315,26],"class_list":["post-71047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-nexo","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=71047"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71047\/revisions"}],"predecessor-version":[{"id":71049,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71047\/revisions\/71049"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/71048"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=71047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=71047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=71047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}