Crypto Lender Nexo to Stop EIP for US Clients on April 1

Last month Nexo paid a $22.5 million fine to the SEC for failing to register the offer and sale of its Earned Interest Product.

AccessTimeIconFeb 13, 2023 at 7:28 a.m. UTC
Updated Feb 13, 2023 at 3:24 p.m. UTC

Crypto lender Nexo said is will stop its Earn Interest Product (EIP) for all U.S. clients, residents and citizens, effective April. 1.

Nexo's decision comes after the lender paid a $22.5 million fine last month to the U.S. Securities and Exchange Commission (SEC) for failing to register the offering and sale of EIP. The firm also said at the time that it is stopping EIP in eight states and has stopped onboarding clients in the U.S.

However, Nexo also said that its other lending offering will continue as usual and that clients will continue to earn the same interest as EIP until April 1, 2023.

CORRECTION (Feb. 13, 08:40 UTC): Corrects effective date in headline and lead.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Parikshit Mishra

Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.