Crypto lender Nexo said is has stopped its Earn Interest Product (EIP) for all U.S. clients, residents and citizens, effective Feb. 10.

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 offer 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 normal and that clients will continue to earn the same interest as EIP until April 1, 2023.

(By Parikshit Mishra)