Fortunately they blocked interest accounts for USA customers a long time ago so I had ample time to move my savings elsewhere. I liked the daily compounding but what a pain in the ass at tax time.
I hope more companies do it in the right manner, protecting clients funds but showing that the US is not an attractive place due to regulations and failure to understand the business. US needs to look in the mirror and ask some difficult questions of whether it wants to attract businesses or not.
Additionally, I hope more countries embrace the business and provide rules/laws that are attractive to new, especially crypto, businesses to invest and build their.
As a user in one of the affected states, I’ve been able to withdraw everything without issue, aside from some rounding error dust. And Nexo even paid the network fees.
I’d use them again in a heartbeat if they become available again.
tldr; UK-based crypto lender Nexo said on Monday it would phase out its US products and services over the coming months due to clashes with regulators. “Our decision comes after more than 18 months of good-faith dialogue with US state and federal regulators which has come to a dead end,” it said.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
*record scratches*
I’m surprised they took this long to make that call
Coming soon nexo.us
What took them so long.
https://twitter.com/Nexo/status/1599818543532740609
NEXO has declared that they quit the United States.
Everybody afraid of the USA
The way shit be goin, I’m about to quit the United States myself
Nexo to be donezo
Are they moving to Bahamas?
Also, Nexo is banned in Bulgaria, its home country.
Fortunately they blocked interest accounts for USA customers a long time ago so I had ample time to move my savings elsewhere. I liked the daily compounding but what a pain in the ass at tax time.
Here we go, buckle up…
I hope more companies do it in the right manner, protecting clients funds but showing that the US is not an attractive place due to regulations and failure to understand the business. US needs to look in the mirror and ask some difficult questions of whether it wants to attract businesses or not.
Additionally, I hope more countries embrace the business and provide rules/laws that are attractive to new, especially crypto, businesses to invest and build their.
As a user in one of the affected states, I’ve been able to withdraw everything without issue, aside from some rounding error dust. And Nexo even paid the network fees.
I’d use them again in a heartbeat if they become available again.
The thumbnail that mentioned regrettable made my heart stop
Luckily it wasn’t the black swan event it initially sounded like
Maybe I’m not cut out for the crypto life ?
LOL
Remember Celsius? Maybe the US regulators aren’t complete idiots.
tldr; UK-based crypto lender Nexo said on Monday it would phase out its US products and services over the coming months due to clashes with regulators. “Our decision comes after more than 18 months of good-faith dialogue with US state and federal regulators which has come to a dead end,” it said.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Good news for US clients, they can’t lose their money anymore when Nexo pulls the rug.
Dupe thread. Someone else posted this an hour ago and it’s still on the front page.
Hey we have seen this movie before.
1. Everything is alright.
2. We might be in trouble.
3. Dont worry, all your funds and coins are safe.
4. We have a little teeny tiny problem
5. Everything is fucked, bankruptcy for everyone
Any crypto lender leaving US, I would question their books immediately. Not saying cannot happen here (US) but a red flag for me.
Too much regulation ehh?
This is why they dropped me, I figured it had something to do with war with Russia as it’s hq is in Belarus
No one wants to be apart of the US lol, too messy.
I can’t believe people still use ponzi apps. You deserve to loose everything when withdrawals eventually become “suspended “
So like…..50% of their population?
#thanksGary
​
Nexo was one of the good ones.
how about we quit Nexo.
it still has 2.4bil in there.
if u have money in it right now, WITHDRAW or SUFFER
I too would like to quit the US. There’s little consensus and it hasn’t been functioning well for a while now.
So what will happen to fixed terms? They just gonna cancel them and you can remove the money?
There are organizations more corrupt than the US Government out there.
For example: Celsius, Vauld, Voyager, FTX, Blockfi, are we seeing a pattern?
The 3 biggest scams of this past market cycle have been: CeFi Lenders, Algo Stables, Dex Liquidity Pool rugs. With CeFi lenders FIRMLY in the #1 spot.
It’s already been cancelled effectively.
I just had the last of my NEXO unbond and I couldn’t really do much with it so swapped it to ETH.