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Crypto Lender Nexo Terminates Interest Payments on New Deposits From US Clients

Following the U.S. Securities and Exchange Commission (SEC) charging the crypto lending platform Blockfi with failing to register its retail crypto lending product and fining the firm $100 million, the crypto lender Nexo has announced it will no longer allow U.S. citizens to earn interest on new savings wallet top-ups. However, Nexo customers from the U.S. will continue to earn interest on their current savings wallet balances held prior to the announcement.
Nexo ‘Reveals Big Savings News for US Customers’
Last week, the SEC cracked down on the crypto lending platform Blockfi and the company was fined $100 million in penalties. The news followed several regulators from a myriad of states like New Jersey, Kentucky, Texas, Alabama, and Vermont giving warnings to Blockfi about the firm’s interest-bearing accounts.
Some states issued cease and desist orders and the company had to stop offering Blockfi Interest Accounts (BIAs) by a certain date. After Blockfi’s penalties were handed

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