Crypto lender Nexo cops US$45mln charge under US securities law violations

Bulgarian cryptocurrency lending platform Nexo has been charged US$45mln by the US Securities and Exchange Commission (SEC) after failing to register its Earn Interest Product (EIP) asset-lending product. Following an investigation, the SEC determined that EIP is an unregistered security and therefore violated the Securities Act of 1933.

Timeline of Nexo

Key Points: Nexo Capital, a cryptocurrency lender, has agreed 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).

Crypto lending platform Nexo has settled with federal and state regulators in the United States for offering and selling unregistered securities, paying a total penalty of $45 million. The Securities and Exchange Commission (SEC) received $22.5 million, and the rest went to state regulatory authorities.

The cryptocurrency lender, Nexo, has agreed to pay $45 million to the U.S. Securities and Exchange Commission (SEC) and several state regulators after charges were levied against the firm for failing to register the company's Earn Interest Product (EIP).

A week after Nexo's office in Bulgaria was raided, the crypto lender reached a settlement with the U.S. Securities and Exchange Commission (SEC) paying a total of $45 million in fines. The SEC has charged Nexo for the unregistered offering of its crypto lending product, the Earn Interest Product (EIP), to the U.S. investors.

Beleaguered crypto firm Nexo has had to pony up a $45 million penalty following charges filed by the Securities and Exchange Commission (SEC). Without admitting or denying the SEC's findings, Nexo agreed to a cease-and-desist order.

Crypto lender Nexo has agreed to pay $45 million to federal and state officials after being accused by the Securities and Exchange Commission of not registering the offer and sale of its retail crypto asset lending product, termed the Earn Interest Product.

Nexo Capital Inc has agreed to pay $45 million in penalties to settle charges from the U.S. Securities and Exchange Commission and state regulators that the crypto firm failed to register its crypto asset lending product, the SEC said on Thursday.

Cryptocurrency lending platform Nexo has filed suit against the regulator in the Cayman Islands which rejected the firm's application for a virtual asset service provider (VASP) license. Nexo, a crypto lender, has sued the Cayman Islands Monetary Authority (CIMA) for denying it registration as a VASP according to reports by The Block and Cointelegraph citing a lawsuit filed on January 12.

Key Points: Nexo, a cryptocurrency lending platform, is suing the Cayman Islands government for refusing the company a virtual asset license, according to The Block. Firstly, the Cayman court filing that the Cayman Islands Monetary Authority denied Nexo's application on December 20 because the firm's business model did not match the acceptable risk profile.

Crypto lending platform Nexo is suing the Cayman Islands regulator for denying the firm a virtual asset license. The firm hopes to get the decision reversed, according to a January 13 court filing. The post Nexo sues Cayman Islands regulator over rejected license appeared first on The Block.