Nexo, a cryptocurrency platform, appears to be changing the terms for US customers to a product that allows them to earn high interest rates on crypto deposits. The decision comes on the heels of the SEC's recent settlement with BlockFi Inc. over a similar product.

Nexo said the changes are an effort to voluntarily comply in light of BlockFi's agreement to pay $100 million to federal and state securities regulators to settle allegations that it illegally offered a product that pays customers high rates to lend out their digital tokens in a statement posted to its official subreddit Friday by a moderator who isn't an employee with the company but says he works "closely" with them.

BlockFi is now planning to register its offerings with the regulator, a path that Nexo on the subreddit platform has also stated it intends to take. Nexo's current US customers will no longer be able to earn interest on new deposits, but they will be able to continue earning interest on existing digital-asset balances, according to the statement. New customers will not be able to use the product at all.

The company stated that it eventually intends to make a new offering that is compliant with securities laws available. According to the statement, the recently announced changes will be in effect "until the restructuring of the Earn Interest Product and the registration process with the relevant regulatory bodies are finalised." Nexo did not respond immediately to a request for comment.

Nexo advertises its interest-bearing product on its website as offering up to 20% annual interest to investors. Non-U.S. clients, according to the firm, will be unaffected by the recent changes.

According to Bloomberg, the SEC is investigating Celsius Network, Gemini Trust Cooperation, and Voyager Digital Ltd. for issues similar to those raised in the BlockFi settlement.

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