According to The Block, the encrypted lending platform Nexo will stop providing lending products "Earn Interest Product (EIP)" to all US customers (including citizens and residents) on April 1. US users should withdraw money before then, and other services of Nexo will not be affected. Non-US customers whose accounts are mislabeled must update their verification details by providing documents such as bank statements or utility bills. According to previous news, Nexo reached a settlement with the US Securities and Exchange Commission (SEC) last month, will pay a $45 million fine and stop providing EIP. Nexo began to provide EIPs to US customers in June 2020. The SEC previously accused Nexo of issuing and selling EIPs without registration. Nexo has agreed to pay a $22.5 million fine to the SEC and an additional $22.5 million to settle similar charges brought by state regulators.