.nexo settles charges with the SEC and state regulators over its Earn Interest Product, paying $45M and ceasing its offering in the U.S. SteveAlpher reports
The U.S. Securities and Exchange Commission charged crypto lender Nexo with failing to register the offer and sale of its Earn Interest Product . Nexo has agreed to pay a $22.5 million fine to the SEC and another $22.5 million to settle similar charges by state regulators.
In agreeing to the settlement, the SEC took note of Nexo's decision in December 2022 to voluntarily halt access to its EIP in eight states andNexo faces regulatory issues elsewhere as well, with a report last week of the company on suspicion of money laundering, tax offenses, banking without a license and computer fraud.
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