Nexo, a crypto lender, has stopped its Earn Interest Product (EIP) for all U.S. clients, residents and citizens, effective Feb. 10. This decision follows the firm’s $22.5 million fine from the U.S. Securities and Exchange Commission (SEC) for failing to register the offer and sale of EIP. Additionally, Nexo has stopped onboarding clients in the U.S. and has stopped EIP in eight states. This move is part of the firm’s effort to ensure compliance with U.S. regulations.
Nexo has announced that its Earn Interest Program (EIP) will be discontinued from April 1, 2021. However, the company has assured that its other lending services will remain unaffected and clients will continue to earn the same interest rate until April 1, 2023. Nexo is a secure and trusted platform for crypto-lending and provides users with a range of services, including instant crypto-backed loans, high-yield savings accounts, and more. The company has been providing its users with a safe and secure platform to manage their digital assets since 2018. With the discontinuation of the EIP, Nexo is looking to focus on its other lending services and provide users with the best possible experience.
