Crypto Lender Nexo Agrees to Pay $45 Million with SEC, State Authorities

Crypto Lender Nexo Capital agrees to pay $45 million in fines to the North American Securities Administrators Association (NASAA) and the U.S. Securities and Exchange Commission (SEC) for failing to register the offer and sale of its Earn Interest Product (EIP).

Nexo is to pay a $22.5 million penalty to the SEC and cease its unregistered offer and sale of the EIP to U.S. investors. Nexo will pay an additional $22.5 million in fines to settle similar charges by state regulatory authorities.

SEC Chair Gary Gensler stated “We charged Nexo with failing to register its retail crypto lending product before offering it to the public, bypassing essential disclosure requirements designed to protect investors. In this case, among other actions, Nexo is ceasing its unregistered lending product to all U.S. investors.” 

Read the source article at cryptotimes.io