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Changes to Nexo’s Earn Interest Product in the U.S.

What prompted these changes?

The first-of-its-kind settlement announced by the U.S. Securities and Exchange Commission and over 32 U.S. states on February 14, 2022, provided regulated clarity to crypto asset interest-bearing accounts in the U.S. and to the provision of such services going forward. 

 

Am I impacted by the product changes?

The current changes only affect the Nexo Earn Interest Product for U.S. citizens and residents. 

 

Existing U.S. Clients:

With these changes in place, you still earn interest on assets that have been stored only in the Savings Wallet and topped before Feb. 19th, 2022. New top-ups to your Savings Wallet will not earn interest until the restructuring of the Earn Interest Product and the registration process with the relevant regulatory bodies are finalized, as per the recently announced guidance. Once complete, eligible U.S. clients will be migrated to the Earn Interest Product 2.0 and new top-ups will earn interest. You can check the interest-earning balance of each of your assets by clicking on the 'Manage Wallets' button next to it. Kindly note that if you transfer currently earning assets to the Credit Line Wallet or withdraw them now and then transfer them back to your Nexo account, you will no longer earn interest on them until the expected restructuring of the Nexo Earn Product takes place.

 

New U.S. Clients: 

Yes, the Earn Interest Product in its current form will not be available for new U.S. clients until the restructuring into Earn Interest Product 2.0 and the registration process with the relevant regulatory bodies are finalized, as per the recently received guidance. Once complete, the Earn Interest Product 2.0 will become available for all eligible clients.

 

When will the Nexo Earn Interest Product 2.0 launch for U.S. customers?

We’ll announce the launch of the product as soon as the required restructuring and the registration process with the relevant regulatory bodies are finalized. More precise timing will be announced in due course.

 

When will these changes go into effect?

The changes are effective as of February 19, 2022, at 01:00 am UTC.

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