Nexo announces “US Earn product” termination by 1 April
Popular Crypto lender Nexo confirmed that platform’ US customers will receive yield on their investments till 1 April 2023.
Nexo is a popular crypto lending platform, which successfully established its position in the crypto sector perfectly despite a high volatility situation. In 2022, many Crypto projects collapsed badly, including almost all the Crypto lending platforms like Celsius, BlockFi, Voyager Digital, Genesis Global Trading, etc.
On 12 Feb 2023, Nexo announced the closure of its services from 1 April 2023 for the US customers, on which US customers were getting a certain % of returns over holding certain crypto assets on the Nexo platform.
Nexo reminded about a settlement of Nexo company with the many US financial regulatory bodies, where Nexo paid a $45 million penalty and agreed to suspend its crypto-earn yield program from the US market.
The latest announcement noted that all the US-based Nexo customers will receive earnings against their investment till 1 April and after that Nexo will revoke all such plans & seize services for the US customers.
Alongside this termination of the crypto yield program, Nexo’s all other services will remain unaffected and also Nexo customers from non-US countries don’t need to take any tension with these decisions because Nexo is standing in a better position.
Nexo token price action
Nexo is a native token of the Nexo platform, where Nexo customers can take some extra advantage by holding the Nexo token on the Nexo platform.
The current trade price of the Nexo token is $0.709 and this trade price is 6.58% down over the last 30 days’ trade price. This is clearly showing that Nexo token faced significant sell pressure because of this news.
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