Nexo to Phase Out Service in US After Hitting 'Dead End' With Regulators

[Jon Breyfogle]

Crypto lender Nexo today announced it will gradually phase out U.S. products and services over the coming months due to hitting a “dead end” with regulators. The U.K. company said in a Monday announcement that it had been talking with regulators for 18 months but the U.S. “refuses to provide a path for enabling blockchain businesses.” Nexo is a digital asset platform that loans out client funds and uses the proceeds to pay interest.

Nexo to Phase Out Service in US After Hitting 'Dead End' With Regulators - Decrypt

Crypto lender Nexo today said it would be suspending access to its Earn product in several U.S. states after clashing with regulators.

decrypt.co

 

[Chris Sorensen]

As President Reagan said:

"The most terrifying words in the English language are: 'I'm from the Government and I'm here to help.'"