Cryptocurrency lender Nexo will terminate EIP for U.S. customers in April

13.02.2023

Cryptocurrency lender Nexo said it will discontinue its Earn Interest Product (EIP) for all customers, residents and U.S. citizens, effective April 1.

Nexo’s decision came after the lender paid a $22.5 million fine last month to the U.S. Securities and Exchange Commission (SEC) for failing to register an EIP offer and sale. At the time, the company also said it was discontinuing EIPs in eight states and had stopped accepting customers in the United States.

However, Nexo also said that its other credit offerings would operate as usual and that customers would receive the same interest rate as they do under the EIP until April 1, 2023.