Cryptocurrency borrowing and lending platform Nexo has announced 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.

“Our decision comes after more than 18 months of good-faith dialogue with US state and federal regulators, which has come to a dead end,” the statement read. “Despite inconsistent and changing positions among state and federal regulators, Nexo has engaged in a significant ongoing effort to proactively provide requested information and modify its business in response to their concerns,” it added.

The company said it had been forced to exit certain states in the US to comply with the regulators. “During 2021 and 2022, we have off-boarded clients from New York and Vermont and suspended new registrations for all US clients for our Earn Interest Product,” it noted.