Crypto lender Nexo is putting a stopper to its products and services in the U.S. over the next months. Further, it is immediately stopping access to its earn Interest offering in eight states and no longer taking on new customers for the offering.
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The development comes after Nexo’s discussions with regulators and steps to alleviate concerns from regulators failed to bear any fruit. Additionally, the company noted that after the debacle at FTX the regulatory environment has become “impossible.”
The tough ride for participants in the crypto-verse continues with major names including Celsius, BlockFi, Voyager, and FTX going up in flames this year already.
The two major cryptocurrencies, Bitcoin (BTC-USD) and Ethereum (ETH-USD) have now dropped nearly 46% and 32% respectively over the past six months.
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