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Crypto firm Nexo stops Earn Interest Product for US clients

Feb 13, 2023, 6:14:46 PMArticle by Tanya Ivanova
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February 13 (SeeNews) - Bulgaria-founded cryptocurrency firm Nexo said it will discontinue its crypto asset lending product, Earn Interest Product (EIP), for all US clients on April 1, 2023.

Crypto firm Nexo stops Earn Interest Product for US clients
Image source: Nexo

The decision applies to US citizens and US residents but will not affect the company’s other services, which are fully functioning and processing transactions in real time, Nexo said in a blog post on Friday.

The suspension of the EIP comes after Nexo agreed in January to pay an overall fine of $45 million (42 million euro) to the US Securities and Exchange Commission (SEC) and US state regulators because of having marketed the product without the required registration.

In December, Nexo announced a decision to phase out its products and services in the United States over regulatory issues.

In January, Bulgarian authorities raided the local offices of Nexo as part of a large-scale international operation against alleged financial crimes.

($ = 0.9336 euro)

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