Nexo charged for its unregistered interest product by eight US states

Crypto lending platform Nexo faces charges from eight US state regulators for promoting “Earn Interest Product” to users without officially registering it as securities, Reuters reports.

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[{"selector":"#anim-e5a9f3c1-968b-4b52-8c32-c5a025f32a5c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-10.762623537577129%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Nexo’s Earn Interest Product offers users high-yield earnings of about 36% for depositing assets on its exchange. For any person, this was a big interest figure worth the investment.

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Eight states, California, Kentucky, New York, Maryland, Oklahoma, South Carolina, Washington, and Vermont regulators are now on a hunt to charge Nexo for violating the capital-markets law.

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“Nexo is a very different provider of earn interest products,” the company said, “it did not engage in uncollateralized loans… or needed to resort to any withdrawal restrictions.”

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Nexo charged for its unregistered interest product by eight US states

Crypto lending platform Nexo faces charges from eight US state regulators for promoting “Earn Interest Product” to users without officially registering it as securities, Reuters reports.

Eight states, California, Kentucky, New York, Maryland, Oklahoma, South Carolina, Washington, and Vermont regulators are now on a hunt to charge Nexo for violating the capital-markets law.

“Nexo is a very different provider of earn interest products,” the company said, “it did not engage in uncollateralized loans… or needed to resort to any withdrawal restrictions.”

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