Crypto Lender Nexo Pays $45 Million in Fines to SEC, States
- Nexo interest-paying product allegedly was a security
- Firm pays SEC and states $25 million each in penalties
Digital-asset firm Nexo Capital will pay $22.5 million to the Securities and Exchange Commission.
Photographer: Andrew Harrer/Bloomberg
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Digital-asset firm Nexo Capital Inc. will pay $45 million in penalties to US federal and state regulators over allegations that it broke securities rules by offering a crypto lending product.
The Securities and Exchange Commission on Thursday said that Nexo’s Earn Interest Product amounted to a security that should have been registered with the agency. It’s the latest in a series of cases that Wall Street’s main regulator has brought over similar products.