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Nexo plans to use the investment to strengthen its foothold in the US crypto market.

Cryptocurrency lender Nexo has acquired a stake in the U.S. federally chartered financial institution Summit National Bank, a subsidiary of Hulett Bancorp (DBA Mode Eleven), which was established in 1984 and regulated under the Office of the Comptroller of the Currency. Nexo to Offer Crypto Services to U.S. Customers  The investment allows Nexo to expand its financial services across the United States, offering users a wide range of crypto offerings, including options to open accounts and receive asset-backed loans and card programs.

Crypto lender Nexo recently acquired a minority stake in Summit National Bank. It's a traditional U.S. federal bank regulated by the Office of the Comptroller of the Currency, like all U.S. banks.

Crypto lender Nexo has issued a statement regarding the enforcement actions it's facing from eight different states pertaining to its Earn Interest Product (EIP). Earlier this week, state regulators in California, New York, Washington, Kentucky, Vermont, South Carolina, Maryland and Oklahoma made allegations that Nexo was violating securities laws with EIP.

Nexo has acquired a stake in the bank holding company that owns Summit National Bank, which is the US federally chartered bank regulated by the Office of Comptroller of the Currency. Nexo is a blockchain-based platform that offers a FIAT on-ramp for numerous cryptocurrencies and is a cryptocurrency exchange that offers crypto-backed loans.

Switzerland-based crypto-lender Nexo is facing simultaneous enforcement action from eight different U.S states over varying allegations. Actions include cease and desist orders, administrative measures etc.

The firm has countered regulators who say that it failed to inform its customers of risk.

The firm has countered regulators who say that it failed to inform its customers of risk.

A day after being sued by eight state attorneys general who claim it violated securities laws, crypto lender Nexo unveiled that it has purchased a stake in federally regulated Summit National Bank.

New York Attorney General Letitia James has sued Nexo, a large digital asset platform. James is joining 7 other states in pursuing the crypto firm.

Nexo, a digital asset firm that describes itself as the “world's leading regulated institution for digital assets,” has acquired an ownership stake in Hulett Bancorp (DBA Mode Eleven), the parent company of Summit National Bank. Summit National Bank is a federally chartered financial institution.

Cryptocurrency lender Nexo is facing regulatory actions in eight US states for allegedly offering an investment product that violates securities laws. State regulators in California, New York, Washington, Kentucky, Vermont, South Carolina, Maryland and Oklahoma are issuing statements centered on Nexo's Earn Interest Product (EIP).

Nexo, a digital asset lending platform, announced that it has acquired a stake in Summit National Bank. The post Nexo acquires stake in Summit National Bank to expand US offering appeared first on CryptoSlate.

Crypto lending platform Nexo has made the landmark announcement that it has acquired a stake in Hulett Bancorp (DBA Mode Eleven), the holding company that owns Summit National Bank – a US federally chartered bank.

By acquiring a stake in the holding company that owns Summit National Bank, Nexo plans to expand its financial product offerings in the United States.

Nexo Group, the company under whose umbrella the Nexo lending platform is operating, has been slammed with a filing. According to the report's details, the filing was submitted by regulators across several US states, including California.

The crypto lender is taking an ownership stake in Wyoming-based Summit National Bank despite facing current legal challenges from multiple states.

The news comes a day after eight U.S. states brought actions against Nexo over its yield product. The post Nexo buys ‘minority' stake in OCC-regulated U.S. bank Summit National: Exclusive appeared first on The Block.

The California Department of Financial Protection and Innovation (DFPI) announced on Monday that it is joining forces with seven unmentioned state securities regulatory bodies to take action against the popular crypto lender Nexo over matters concerning its crypto interest accounts services. DFPI Probes Crypto Lender Nexo The regulatory agency argues that the crypto lender has fallen short of the state's financial guideline on securities registration, where it termed Nexo's “Earn Interest Product accounts” service as security.

All-in-one cryptocurrency platform Nexo has received a cease-and-desist order in the U.S. state of California. 

Yet another crypto lending platform, in the form of Nexo, has come under regulatory fire. Eight U.S. states file lawsuits accusing the lender of offering non-registered securities.

The accusation is said to be that Nexo handled unregistered securities without authorization

Coinspeaker California Joins New York and Others to Sue Nexo Over Unregistered Earn Interest Product Account

Nexo revealed that it stopped onboarding new United States clients to its Earn Interest Product in February 2022 after financial regulators in eight states initiated legal actions against it. The post California issues cease, refrain order to Nexo over offering clients an Earn Interest Product appeared first on CryptoSlate.