Crypto Lender Nexo To Stop Paying Interest On Deposits From US Customers | CryptoGazette
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It’s been just revealed that Nexo revealed a set of policy changes for the US customers. This is a move that comes as the SEC is currently scrutinizing products and services in the crypto trading sector.
The online publication The BlockCrypto just noted that per an email sent to customers and a statement on Nexo’s official subreddit, the policy changes will be affecting both existing accounts as well as new ones.
It’s also worth noting the fact that the firm stated the following:
“voluntarily implemented changes to its Earn Interest Product in the U.S. to comply with newly-announced guidance.”
The same notes also revealed this:
“Nexo’s registered clients who are currently earning interest on the platform will continue to do so on their existing digital asset balances only.”
The same online publication mentioned above noted that the company continued and said the following:
“Top-ups to your Nexo Wallets made after today will not earn interest until the restructuring of the Earn Interest Product and the registration process with the relevant regulatory bodies are complete, as per the recently received guidance.”
According to the same notes, after all this is complete, all the new accounts will be transferred to the earn Interest Product 2.0 and the new top-ups will be earning interest.
The official notes also highlighted the fact that if clients withdraw any of the assets in their current balance, they will not be able to earn interest on them upon their subsequent return.
Check out the original notes in order to learn more details about all this.
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