Nexo, a crypto borrowing and lending industry revealed on December 5 that it intends to shut off its services in the United States over the next few months. It also stated that it was halting its products and services in the United States due to a lack of regulatory clarity.
In London, a family of fintech entrepreneurs is suing Nexo, claiming that the cryptocurrency lender restricted their access to up to £107 million ($126 million) in assets and then threatened them into selling it all to Nexo at a 60% discount. City AM said that the brothers Jason and Owen
Earlier, officials in Kentucky claimed that Nexo was insolvent. Nexo created three loans and sent $530 million to MakerDao. A cryptocurrency wallet address identified as NEXO 0x8fd withdrew 7,758.8 Wrapped Bitcoin (wBTC) from MakerDAO. At the time equivalent to almost $153 million. This is only days after market experts forecast
Summit National Bank is a US federally chartered bank, founded in 1984. Customers of Summit will now have access to blockchain products. Nexo, a cryptocurrency lending platform, recently revealed that it was acquiring a stake in Summit National Bank, based in Wyoming. Taking a stake in the US federally chartered
Similar lawsuits have been filed against Nexo in Kentucky, Vermont, South Carolina, and Maryland. Similar law enforcement actions were taken against Celsius in 2021. On Monday, state securities regulators in California and several other states took action against the crypto lender Nexo, labeling the company’s Earn Interest Product (EIP) unregistered
On Monday, the company suspended operations and stopped client withdrawals. Since June 12, withdrawals totaling $197.7 million have been reported by the firm. The Singapore-based crypto lender Vauld has inked a preliminary term agreement with Nexo today. Due diligence on the proposed purchase would be conducted by Nexo within a
NEXO dips 40% in 3 days. Nexo denies any partnership with Three Arrows Capital (3A). NEXO ought to bounce back once the market crisis is over. It’s so far been more than five days since the market crash started once again, and yet still persists. Moreover, it seems this condition
In effect, it has drafted an offer to Celsius in the form of an intent letter. Celsius said today that it stopped withdrawals, swaps, and transfers. The Celsius event rattled the crypto industry more than the market-wide weekend slump. The staking and lending platform was criticized for its inability to
Introduction It isn’t the same as owning cash when it comes to cryptocurrency. Some exchanges, however, enable you to deposit cryptocurrency and receive interest like a savings account. If you put your crypto up as collateral, several services allow you to borrow money from them. Nexo is yet another cryptocurrency
After a long bearish run, the crypto market is currently experiencing a bullish trend. The mainstream cryptocurrencies are displaying a greenish trading pattern, while investors have begun to buy tokens. Since the market crashed, investors and whales have begun to purchase potential crypto assets to produce more gain in the
