The cryptocurrency lending platform Nexo has made the decision to depart the United States. The company will immediately cut off access to its earn interest product in eight states, and it will no longer accept new users from the United States for the earn product.
During the last 18 months, Nexo has said that the company has been having “good faith discussion” with state and federal authorities in the United States. In spite of this, Nexo no longer has the belief that it is able to negotiate with such companies, citing their “inconsistent and shifting attitude” on legal grounds as the reason.
Nexo has even gone so far as to say, “The United States refuses to offer a route ahead for enabling blockchain enterprises, and we cannot give our consumers trust that regulators are focused on their best interests.“
Because of the same demands in both New York and Vermont, Nexo has offboarded consumers in both states during the last two years. On Tuesday, December 6, its money will be collected from a total of eight other states. These states include Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, and Washington.
Nexo has reported that it is in talks with state and federal authorities in the United States, but that these conversations have struck a “dead end.” The firm did not disclose many specifics about the conversations, but it did say that it had shared the material with authorities and that it intended to “proactively adjust its business” in order to react to the concerns expressed by law enforcement agencies.
Compiled by Coinbold