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What Does Crypto Lender Nexo Think About Its US Operations?

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What does crypto lender Nexo think about its US operations? According to Reuters on Monday, UK-based cryptocurrency lender Nexo announced that it will stop operating in the US in the coming months due to a lack of agreement with local authorities.

Nexo said in a blog post on Monday:

“Our decision comes after more than 18 months of careful discussions with US state and federal officials that have come to a successful conclusion.”

Apparently, eight states sued the company in September of this year for various reasons. All complaints about Get Interest products, including various states alleging that the company did not properly label the product as a brand.

Nexo announced in a statement that “several security agents who have been working with us for several months arrested us by suing us without notice.”

Access to the program in these eight states will end tomorrow, December 6, 2022. However, the crypto credit company has promised its customers that they can withdraw their money at any time without interruption as the company told its partners that pay for the development.

In addition, the crypto lending platform stopped serving people in the states of New York and Vermont. To clarify, Nexo said:

“In the meantime and until further notice, these customers will continue to receive other Nexo products in these areas.”

The Company reported that the Consumer Financial Protection Bureau (CFPB) recently announced that the Company has a license for the Product Interest. Besides the CFPB, the SEC and state regulators have also asserted their authority.

Nexo intends to enter into an acquisition agreement

Meanwhile, Nexo has announced its intention to acquire assets worth Celsius and the Singaporean DeFi platform Vauld. Nexo bought a stake in Hulett Bancorp and its subsidiary, Summit National Bank, both of which operate as federally chartered banks. Earlier this month, it was revealed that the Switzerland-based digital lender committed $850 million to acquire BlockFi in July.

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