Nexo’s Ethereum Smart Staking allows users to convert ETH for Nexo Staked ETH.It offers staking incentives of between 4% and 12% APY, paid out in NETH.

Cryptocurrency borrowing and lending platform Nexo has <a href="https://nexo.io/blog/nexo-announces-gradual-departure-from-the-united-states">announced</a> that it is withdrawing its products from the United States over the ‘‘coming months’’ over regulatory challenges. The announcement was made through the company’s website on December 5.

Nexo, a digital assets platform which offers lending services and an exchange, said it will gradually phase out US operations as a direct result of a “dead end” in its attempts to gain clarity from US regulators. In a statement, Nexo claimed it had engaged in “more than 18 months of good-faith dialogue with US state and federal regulators” — but, despite “rhetoric to the contrary,” it could not reassure customers that “regulars are focused on their best interests.” (Blockworks)

Burdened by regulatory pressures, crypto lending firm Nexo has given up on continuing to operate within the United States. The company announced on Monday that it would begin phasing out its products and services from the country over the coming months.

Nexo has announced that it plans to gradually phase out its services in the United States, citing a lack of regulatory clarity.

On Dec 5, crypto lender Nexo announced that it would discontinue operations in the United States within the next few months. The company specifically mentioned that it would immediately cut off access to its “Earn Interest Product” in eight U.S. states and is no longer allowing new registrations for its Earn product.

Crypto service providers Nexo and Gemini have been approved for registration with an Italian regulator, allowing the platforms to serve customers in the country.

The crypto-friendly US-based bank <a target="_blank" href="https://cryptonews.com/tags/silvergate/">Silvergate</a> had less than $20m in exposure to the now-bankrupt US-based crypto lender <a target="_blank" href="https://cryptonews.com/tags/blockfi/">BlockFi</a>. But with yet another bankruptcy in the space, more people are now asking if <a target="_blank" href="https://cryptonews.com/tags/nexo/">Nexo</a> – one of the last major crypto lenders still standing – will be the next to go down.

Three fintech investors from the same family have sued Swiss-based cryptocurrency lender Nexo for blocking their accounts after they attempted to withdraw all of their assets worth £107 million ($126 million).

According to a recent report, a group of investors is suing crypto lender Nexo in the London High Court on the grounds that the crypto firm prevented them from withdrawing over $126 million in cryptocurrency. The three investors, cousin Shane Morton, and brothers Jason and Owen Morton,&nbsp; claim that Nexo froze their accounts when they attempted to transfer their assets off the platform.