Nexo agrees to pay $45 million to settle with SEC and state regulators

Binance News · 2023-01-20T03:06:16.000Z

Crypto lending platform Nexo reached a settlement with the U.S. Securities and Exchange Commission (SEC) and state regulators and will pay a total of $45 million in fines and stop offering the lending product Earn Interest Product (EIP). Nexo agreed to pay a $22.5 million fine to the SEC and an additional $22.5 million to resolve similar charges brought by state regulators. The SEC said in a statement that the SEC accused Nexo Capital Inc. of issuing and selling unregistered retail crypto asset lending products EIP. The SEC agreed to settle with Nexo after taking into account the company's prompt remedial actions and the company's cooperation with Commission staff.

Crypto lending platform Nexo has reached a settlement with the U.S. Securities and Exchange Commission (SEC) and state regulators, and will pay a total of $45 million in fines and stop providing lending products Earn Interest Product (EIP). Nexo agreed to pay a $22.5 million fine to the SEC and an additional $22.5 million to settle similar charges made by state regulators.
The SEC accused Nexo Capital Inc. of issuing and selling unregistered retail crypto asset lending products EIPs, the SEC said in a statement. The SEC agreed to a settlement with Nexo after considering the company’s prompt remedial measures and the company’s cooperation with the commission’s staff.
According to previous reports, Nexo will gradually stop providing products and services in the United States in the coming months. Starting from December 6, 2022, Nexo will stop providing its Earn Interest products to users in eight states in the United States (Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California and Washington), but these users can continue to use other Nexo products; at the same time, according to the requirements of regulators, Nexo has suspended all new US users from registering Earn Interest products. (Planet Daily)