Gaming sector hit hard as Nexo outperforms tokens listed in SEC lawsuits

The fallout from the U.S. Securities and Exchange Commission (SEC) lawsuits against major cryptocurrency exchanges Binance and Coinbase is starting to play out in the market. The legal action sent shockwaves throughout the crypto market, affecting many tokens in the lawsuits as evidence that the exchanges have been trading crypto securities.

Timeline of Nexo

Troubled crypto lender Nexo has taken steps to dismantle two of its subsidiaries in the UK. Bloomberg reports cryptocurrency lender Nexo is closing two of its units in the United Kingdom as it faces legal troubles in Bulgaria for its alleged involvement in illegal activities.

In a surprising move, Nexo, the leading cryptocurrency lending platform, announced the dissolution of its UK-based entities as part of a comprehensive company restructuring. This decision comes at a time when Nexo is cementing its position in the rapidly evolving decentralized finance (DeFi) market.

Nexo, the London-based cryptocurrency lender, has decided to dissolve two of its UK entities due to legal uncertainty prevailing in other parts of Europe. Recent filings reveal that Nexo Financial Services Ltd.

London-based crypto lender Nexo (NEXO) has shut down two of its subsidiaries located in the U.K. on May 11, Bloomberg News reported. The lender is also going under an investigation in Bulgaria for allegedly being involved in an organized crime scheme, the Bloomberg article noted.

Key Points: Cryptocurrency lending platform Nexo will stop offering its “Earn Interest Product (EIP)” lending product to all US customers (including citizens and residents) on April 1.

The US Securities and Exchange Commission (SEC) has levied a $45 million fine on Nexo Capital Inc. The SEC explains the reason for the fine in a tweet, Today we charged Nexo Capital Inc. with failing to register the offer and sale of its retail crypto asset lending product, the Earn Interest Product (EIP). To settle charges, Nexo agreed to pay $22.5 million and cease its unregistered offer and sale of the EIP to U.S. investors.

Cryptocurrency lender Nexo Capital has agreed to a fine of $45 million to settle charges brought against it by the United States Securities and Exchange Commission (SEC) and state regulators over its failure to register its crypto asset lending product. On Thursday, the SEC announced that it charged Nexo with failing to register its retail crypto asset lending product called Earn Interest Product (EIP).

A former high-ranking executive of the U.S. Securities and Exchange Commission (SEC) is calling out crypto lender Nexo's multimillion-dollar settlement with the regulatory agency. According to a new press release, Nexo has agreed to a settlement deal with the SEC for selling unregistered securities that will see it paying the regulatory body $22.5 million.

In response to charges that the digital asset company, Nexo Capital Inc., had violated securities regulations by marketing a cryptocurrency lending product, the firm has agreed to pay a penalty of $45 million to U.S. SEC. However, a former SEC official has raised doubts about Nexo's self-proclaimed “win” in the crypto market when the financial The post Former SEC Chief Lashes Out On Nexo's $45 Mn Deal With SEC appeared first on CoinGape.

The Securities and Exchange Commission (SEC) charged Nexo with selling unregistered securities on 19 January 2023. Allegedly, the company failed to register with the SEC before offering Earn Interest, a crypto lending product, to users.