Crypto lender Nexo to leave U.S. after 18 months

Crypto lender Nexo to leave U.S. after 18 months

On Monday, the beleaguered British cryptocurrency lender Nexo, which is already under investigation by regulators in eight U.S. states, said that it had reached a dead end with U.S. regulators over the past 18 months and would gradually wind down its operations in America.

American regulators don't provide a path for enabling businesses with the help ofBlockchain, according to the company. Our decision comes after more than 18 months of good-faith dialogue with U.S. state and federal regulators, which has come to a dead end, Nexo said.

A year ago, the embattled company was caught in the eye of regulators for allegedly providing interest-earning accounts through unregistered securities. Nexo said that there was a lack of regulatory clarity as the chief reason for its decision to leave America.

On Tuesday, Nexo plans to stop using its interest-earning accounts in the eight states, including Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California and Washington.