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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.
Despite agreeing to the settlement, the crypto lender did not admit or dispute the findings of the SEC's inquiry.
The settlement between US authorities and Nexo has resulted in a price surge for the latter's native token.
The SEC alleged Nexo's Earn Interest product was a security that isn't exempt from federal securities laws
Nexo Capital Inc. was fined by the U.S. Securities and Exchange Commission (SEC) unregistered offer and sale of its lending product.
The fines will be paid to the SEC and NASAA, who opted for a lower penalty in light of Nexo's cooperation.
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).
Nexo Capital, a crypto lender, will pay $45 million to the SEC and NASAA (NASAA). SEC and NASAA announced the announcement on Jan 19.
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.
Crypto lending company Nexo has settled with the United States Securities and Exchange Commission (SEC), according to a press release on January 19.
Extending a rough start to 2023, the crypto lender is settling with regulators over its "Earn Interest" product
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.
CNBC's Kate Rooney reports on a new SEC action. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Bonawyn Eison, Steve Grasso and Guy Adami.
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.
The crypto lender didn't categorically admit or deny the findings from the SEC's investigation despite agreeing to the settlement.
Nexo began offering its Earn Interest Product to U.S. customers in June 2020.
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.
Crypto lender Nexo settled charges from the SEC and state regulatory authorities over its crypto asset lending product.
Cryptocurrency lender Nexo (NEXO/USD) was on the receiving end of yet another troubling piece of cryptocurrency news. On Wednesday, BestBrokers.com published what they describe as an e-mail “allegedly written by one of the firm's co-founders Georgi Shulev.
Crypto exchange Vauld successfully appealed to a Singapore court to extend its creditor protection as the deal with Nexo fell through. The post Vauld Creditor Protection Extended by Singapore Court After Nexo Deal Falls Through appeared first on BeInCrypto.
Nexo is suing Cayman Islands' financial regulator for denying its registration as a virtual asset service provider in the territory. The Cayman Islands Monetary Authority declined Nexo's VASP application dated December 20.
Nexo has sued the Cayman Islands Monetary Authority to overturn its rejection of Nexo's application to register as a virtual asset services provider.
