Finally after much thought, cryptocurrency lending company, Nexo has decided to stop its operations in eight states of the United States of America (US) in the next few months.
Nexo explained that his company will not only cut off access to the "Earn Interest Product" but will also refuse to allow any new registrations through the product.
Meanwhile, "Earn Interest Product" for regular customers in US states such as Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California and Washington will be available until December 6, 2022, which is today.
Earlier in New York and Vermont, Nexo has abandoned all its customers in those two states following pressure from US regulators.
This follows because US regulators are of the view that Nexo will not be able to maintain its performance in the future as they have witnessed the bitter events faced by FTX recently.
The streak, Nexo gave up on continuing its service in the US after its regulator kept issuing confusing and contradictory statements from the company's understanding.
Despite that, the company still continues to process its customers' production in the US, but they will gradually close down their operations in the country.
It is also known that Nexo has offered interest rates of up to 36% annually for just one digital asset, the California Department of Financial Protection and Innovation reported.
