Nexo stated, “We will be stopping our Earn Interest Product for all US clients, which includes US citizens and US residents (including US territories) on April 1, 2023, and all fixed terms will then be unlocked.”
Crypto lender Nexo announced its plans to shut down lending services for US-based customers on April 1.
Nexo’s announcement came weeks after the lender reached a $45M settlement with US regulators.
Nexo has set April 1 as the deadline for its US customers to withdraw their funds from its platform. The interest rates on users’ crypto assets will remain unchanged until April.
The crypto lender claimed that it will provide sufficient time to clients with open credit lines to repay their loans. It also asked clients whose accounts were falsely flagged as US-based to update their details by providing documents dated within the last three months.
Meanwhile, other services on Nexo’s platform will remain unaffected by the closure of its Earn Interest Product.
“[Nexo’s other services] are fully functioning and processing transactions in real time as always in order to support you in this transitional period.”
In December 2022, Nexo said it will exit the US crypto market due to the challenges of dealing with a “confusing and contradictory regulatory regime.”
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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