Here is When Nexo Will Discontinue its US Earn Interest Product
Nexo, a crypto lending platform, has decided to discontinue its Earn Interest Product for all clients residing in the United States as of April 1st, following a settlement with the Securities and Exchange Commission (SEC).
In a blog post, the company advised its US clients to withdraw their funds before the aforementioned date. However, no other Nexo services will be impacted by this change.
Clients who have taken out loans or have collateralized assets will be given enough time and notice to repay the loans and retrieve their assets.
Non-US clients who think their accounts have been wrongly flagged must update their verification information by submitting documents such as bank statements or utility bills.
Nexo has agreed to pay a settlement of $45 million after being accused by the SEC of not registering the retail crypto asset lending product, which was first introduced in the United States in 2020.
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Without accepting or denying the charges, Nexo consented to an order that prohibits it from breaking the registration provisions under the Securities Act of 1933.
The company stated that this move “reflects our belief that the creation of clear regulatory frameworks is the best way to protect the crypto industry and bring it into the mainstream safely and in compliance with regulations.”
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
