This Token Tops Intraday Gains Just Days After US Exit Over FTX-Triggered Uncertainty

Just a few days after Nexo declared their departure from the U.S. due to regulatory ambiguities, the NEXO native NEXO/USD token surged by 2.75%, topping intraday gains.

What Happened: The rise can be attributed to NEXO announcing Ethereum ETH/USD smart staking.

At the time of writing, NEXO was trading at $0.6631. The company specifically mentioned that it would immediately cut off access to its "Earn Interest Product" in eight US states and is no longer allowing new registrations for its Earn product.

See More: Best Crypto Day Trading Strategies

According to Nexo, they received several complaints from U.S. regulators and believed that the regulators originally motivated them to cooperate and there seemed to be a potential for sustainability -- however, due to the recent FTX episode, it is now "impossible" for them to keep going.

"Given the challenges of the confusing and contradictory US regulatory regime, it is with a heavy heart that we begin the gradual and orderly departure from the US,” Nexo said.

As per whale stats, NEXO is on top 10 by trading volume among 500 biggest ETH whales in the past 24 hours.

Read Next: Bitcoin, Ethereum, Dogecoin Fall On Recession Worries: Analyst Says Long-Term Crypto Bets Awaiting 'Bullish Trigger' Or 'Capitulation Moment'

Posted In: EthereumFTXNexoCryptocurrencyGovernmentNewsRegulationsMarketsMoversTrading Ideas