Crypto lender Nexo is immediately ending business in eight states and will leave the U.S. entirely in a "gradual and orderly fashion" — but all customers will be able to withdraw funds without delay.
"Regulators are unwilling to coordinate with one another, and are insistent on taking positions that are inconsistent with one another, creating an impossible environment to operate efficiently and to create the expected value for our clients… It is now unfortunately clear to us that despite rhetoric to the contrary, the US refuses to provide a path forward for enabling blockchain businesses.
that its interest-bearing earn account was an unregistered securities sale, leaving no no doubt that "the SEC views interest-bearing accounts on crypto lending platforms as securities."announcement, said the CFPB had no jurisdiction. The CFPB disagreed, pointing out that:
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A crypto revelation as the structure being redefined and in the future there will be a handful of top exchanges / lenders available, as some of the others will not survive the current state of events.
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