Nexo reveals the date it will stop the earning program for US customers.

Nexo will stop providing its Earned Interest Product to US customers effective April 1, 2023.

This is a direct consequence of the company’s recent settlement with US regulators, in which it had to pay $45 million in fines.

• Remember the agreement reached between Nexo and the US SEC, as well as NASAA, which “concluded on a no admit, no deny basis and closed all multi-year investigations” into the cryptocurrency lender.
• the company now Announced which will stop the Earn Interest product for all US customers on April 1, 2023, including residents and citizens based in “50 US states and three territories.”
• Consequently, the lender advised affected customers to withdraw their assets from the program “at a convenient time” until that date. However, the company’s program will provide the promised interest rates through April 1.
• In addition to his problems with the US government, the crypto lender has had his fair share of controversial dealings with the Bulgarian authorities.
• Local prosecutors raided Nexo’s offices earlier in the year. Later, some of the country’s political parties began blaming each other for Nexo’s developments, as company executives had made a donation to one of them.
• In the latest, the lender’s co-founder, Antoni Trenchev, threatened to sue the government for up to $1 billion for reputational damage it had caused.