### Nexo is exiting the U.S. market after reaching a "dead end" in negotiations with regulators. 

Cryptocurrency lender Nexo announced on Dec. 5 that it will be phasing out its products and services in the U.S. after talks with regulators reached a “dead end.”

<blockquote className="twitter-tweet"><p lang="en" dir="ltr">Today we are announcing the regrettable but necessary decision that Nexo will be phasing out its products and services in the United States due to a lack of regulatory clarity. 🧵</p>&mdash; Nexo (@Nexo) <a href="https://twitter.com/Nexo/status/1599818543532740609?ref_src=twsrc%5Etfw">December 5, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

In a series of tweets, Nexo said that there was a “lack of regulatory clarity.” It also said that the “U.S. refuses to provide a path forward for enabling blockchain businesses.”

Nexo’s exit comes after the states of California, Kentucky, New York, Maryland, Oklahoma, South Carolina, Washington, and Vermont said they were planning to sue the company. These states allege that Nexo offers interest-earning accounts to clients through unregistered securities. 


In a statement on Sept. 26, New York Attorney General Letitia James said that Nexo “violated the law and investors’ trust by falsely claiming that it is a licensed and registered platform.”


Nexo insists that it did its part to address the concerns raised against it. According to the company, it cooperated with regulators and off-boarded clients from New York and Vermont since 2021. Nexo also said that it suspended new registrations for US clients for its Earn Interest Product to comply with regulators.


In a tweet, it said that it “engaged in significant ongoing efforts to provide requested information and to proactively modify its business in response to their concerns.” 


However, Nexo said that regulators did not coordinate with each other and often took inconsistent positions, making it difficult to operate. 


Nexo, which was founded in Switzerland, is one of the last major lending firms still operating. Three other companies that offer the same service, Voyager Digital, Celsius Network, and BlockFi, have all filed for bankruptcy protection.




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