As the crypto market started a quiet week, bad news came from the crypto startup that plays an important role in the industry.
NEXO, which brings together savers and loan seekers with blockchain technology, announced that it will end its activities in the United States today.
Officials stated that after negotiations with the US officials for about 1.5 years, a deadlock situation has arisen. Nexo, in his statement, mentioned that despite the rules changing from state to state, their well-intentioned approach was inconclusive.
As a result, the company decided to exit the USA gradually. According to the statement, as of tomorrow, time deposit services in 8 major states will end.
In its statement, Nexo once again reminded that it has taken a side with the authorities, including the lawsuit between the SEC-XRP in the country.
SEC Causes Nexo Big Trouble
The American Securities and Exchange Commission (SEC) considers Nexo a security because of the interest income it offers to customers. The SEC took Ripple to court for the same reason, although the situation was different.
After the news, the status of the NEXO altcoin, which was listed on Binance in May, was a matter of curiosity.
Has NEXO Price Dropped?
The startup’s native cryptocurrency, NEXO, did not face any additional selling pressure after the news of the withdrawal. NEXO is currently trading at $0.67, losing 1.6% daily.
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