- Nexo has reached a $45 million settlement with US regulators, including the SEC.
- Cryptocurrency lenders allegedly offered unregistered securities through Earn Interest Product.
- Nexo will pay state regulators $22.50 and the rest to the SEC. This will be done within the next 12 months.
Nexo, a Cayman Islands company founded in 2018 and a leading cryptocurrency lender, will pay $45 million in settlements with the U.S. Securities and Exchange Commission (SEC) and the North American Association of Securities Administrators (NASAA) am.
NASAA announced the settlement late Thursday, noting that Nexo agreed to pay fines following a comprehensive investigation into interest products allegedly offered to U.S. customers by cryptocurrency platforms. .
Nexo Settlement Ends Multi-Year Investigation
by Press release We are announcing the settlement, claims related to the alleged offering and sale of unregistered securities through Nexo’s Earned Interest Products (EIPs). The regulator noted that 17 state securities regulators have agreed to the reported settlement, and more state securities regulators plan to accept it.
“T.His settlement will help state securities regulators ensure that people investing their hard-earned money have all the information they need to understand the risks and rewards of their decisions. and recognizes the SEC’s important worksaid Charlie Clark, Director of the Washington Financial Institutions Authority.
Nexo commented on the landmark settlement. blog release“Principle of disapproval of denialThis concludes a multi-year investigation into Nexo offerings, particularly interest-bearing accounts.
According to Nexo, regulatory investigations over the past year or so have shown the company was not involved in any wrongdoing.
As pioneers like Uber and Airbnb, Nexo believes it is recognized for providing innovative solutions in a rapidly changing environment.
— Nexo (@Nexo) January 19, 2023
“We are pleased with this unified resolution, which clearly puts an end to all speculation regarding Nexo’s relationship with the United States.Now we can focus on what we do best: building seamless financial solutions for our global audience.said Antoni Trenchev, co-founder of Nexo.
Cryptocurrency lenders will pay state securities regulators $22.5 million and the rest to the SEC. Payments will be made over the next 12 months. especially. Nexo was in the process of gradual exit from the US market.
Nexo’s native token, NEXO, rose in the aftermath of the announcement, trading around $0.84 on Friday afternoon. NEXO price has increased more than 17% in the last 24 hours as of 12:10 PM ET