Due to reaching a "dead end" with authorities, crypto lender Nexo <a href="https://nexo.io/blog/nexo-announces-gradual-departure-from-the-united-states">stated</a> it would progressively phase down U.S. products and services over the upcoming months, thereby signaling a departure from the United States.

https://twitter.com/Nexo/status/1599818543532740609

In a Monday release, Nexo explained the reason for its departure from the United States by claiming that despite 18 months of discussions with authorities, the U.S. refuses to create a way for allowing blockchain enterprises. The company specifically mentioned a recent rush by federal and state regulators to look into <a href="https://www.cryptoknowmics.com/news/nexo-group-faces-enforcement-actions-from-eight-states">Nexo's</a> "Earn" product.
<h2>Crypto Lender Permit Regulatory Agencies In CFPB Plea</h2>
The Consumer Financial Protection Bureau (CFPB) ruling last Thursday claiming it had jurisdiction to examine its Earn Interest Product, which the <a href="https://www.cryptoknowmics.com/news/crypto-control-strategy-of-sec-chair-under-scrutiny-as-ecosystems-fall">SEC</a> and state authorities have concurrently claimed is security susceptible to their jurisdictions, made this abundantly evident, according to the firm's release. The <a href="https://www.cryptoknowmics.com/news/binance-us-to-bid-on-crypto-lender-voyager-cz-confirms">crypto lender</a> contended that only regulatory agencies had authority over the product in a plea to the CFPB on Thursday, asking it to end an inquiry into the offering.
<h2>The Earn Program</h2>
The Earn program, like many cryptocurrency lending sites, theoretically mimics a bank account with better returns. However, the SEC has objected to comparable goods, and Nexo referenced a $100 million punishment against <a href="https://www.cryptoknowmics.com/news/blockfi-files-for-bankruptcy-protection-following-collapse-of-ftx">BlockFi</a> in its request for the CFPB to end an inquiry. In September, the corporation received letters of stop and desist from state regulators, who occasionally work in coordination with federal authorities.

Earlier this year, Nexo, which conducts a substantial percentage of its business in Bulgaria, stated that it would stop paying interest on new Earn deposits from the United States.

Crypto Lender Nexo Announces Gradual Departure from United States

Nexo stated it would progressively phase down U.S. products and services over the upcoming months, thereby signaling a departure from the United States.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Crypto Lender Nexo Announces Gradual Departure from United States

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