Evaluating only Lemon Cash’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. Documented cause: Regulation.
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Documented cause
Lemon Cash became Argentina's most popular crypto card, allowing users to spend crypto and earn yield on holdings. It reached 1.5M users before Argentina's Comisión Nacional de Valores (CNV) ruled that its yield products constituted unregistered securities offerings. Lemon was forced to shut down its yield product in 2023, losing its core value proposition and most of its user engagement.
Lesson
“Crypto yield products are securities products until a regulator says otherwise. Build on the assumption that existing securities law applies. The companies that built compliance first kept their users.”
FAQ
Why did Lemon Cash fail?
Lemon Cash, Argentina's most popular crypto card with 1.5M users, was forced to shut down its yield products in 2023 after Argentina's CNV ruled they constituted unregistered securities offerings. The company lost its core value proposition.