As you are probably aware, on January 19, 2023, we announced our settlement with the US Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA), consisting of all 50 US States and three territories, the Attorney General of New York, the Texas Department of Banking, the Washington Consumers Services Division and the Alaska Division of Banking and Securities, which was concluded on a no-admit-no-deny basis and closed all multi-year-long inquiries into Nexo.
Following this development, we would now like to inform you that we will be stopping our Earn Interest Product for all US clients, which includes US citizens and US residents (including US territories) on April 1, 2023, and all fixed terms will then be unlocked. As you are a US client, we ask that you begin planning the withdrawal of your funds at a convenient time by this date.
Between now and April 1, 2023, your balances on Nexo will continue to receive the same interest rate as that of the date of Nexo’s landmark resolution in the US (January 19, 2023).
This does not affect Nexo’s other services, which are fully functioning and processing transactions in real time as always, in order to support you in this transitional period.
If you have an open credit line
Rest assured that clients like yourself who have outstanding credit will be given ample time and notice to repay their loans and withdraw collateralized assets, but we suggest you start to plan accordingly.
The above considerations also only apply to US clients, so all non-US clients continue to enjoy the full suite of Nexo’s services.
If you are not a US client
If you believe that your account has wrongfully been flagged as US-based, you must update your verification details by providing a document from the list below as soon as possible. You can send the required information to [email protected] using the email address registered on your Nexo account:
A bank statement or credit/debit card statement
A utility bill
Your most recent tax return (issued within 2022)
A current tenancy agreement
An insurance statement
All acceptable supporting documents except the tax return form, as indicated above, should be dated within the past three months and should show your residential address along with your name.
The above course of action reflects our belief that the development of clear regulatory frameworks is the best way to protect the crypto industry and usher it into the mainstream safely and compliantly. We trust our cooperative approach to the relevant regulatory bodies will allow us to provide you with our industry-leading offering in the near future.