Crypto lender Nexo decided to leave the US and immediately cease access to its earn interest product in eight states and will no longer sign up any new US customers for the earn product.
Nexo said the firm has been engaged in “good faith dialogue” with US state and federal regulators over the past 18 months. Despite this, Nexo no longer believes it can negotiate with such entities, citing their “inconsistent and changing position” on legal matters.
Nexo even said, “The US refuses to provide a path forward for enabling blockchain businesses and we cannot give our customers confidence that regulators are focused on their best interests.”
Nexo has offboarded customers in New York and Vermont over the past two years due to similar pressures. Tuesday, Dec. 6, its revenue will be drawn from eight other states, including Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington.
Nexo said it is in discussions with state and federal regulators in the US but has reached a “dead end.” The company did not provide many details about the discussions but said it had shared the information with regulators and sought to “proactively modify its business” to respond to law enforcement agencies’ concerns.