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Crypto Lender Nexo to Stop EIP for US Clients on April 1
Last month Nexo paid a $22.5 million fine to the SEC for failing to register the offer and sale of its Earned Interest Product.
Door Parikshit Mishra
Crypto lender Nexo said is will stop its Earn Interest Product (EIP) for all U.S. clients, residents and citizens, effective April. 1.
Nexo's decision comes after the lender paid a $22.5 million fine last month to the U.S. Securities and Exchange Commission (SEC) for failing to register the offering and sale of EIP. The firm also said at the time that it is stopping EIP in eight states and has stopped onboarding clients in the U.S.
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However, Nexo also said that its other lending offering will continue as usual and that clients will continue to earn the same interest as EIP until April 1, 2023.
Read more: Crypto Lender Nexo to Pay $45M, Cease Offering EIP in Settlement With SEC
CORRECTION (Feb. 13, 08:40 UTC): Corrects effective date in headline and lead.
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- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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