EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

Crypto Lender Nexo Agrees To Pay $45 Million In Fine To SEC

Admin by Admin
January 20, 2023
in Crypto News
0
Crypto Lender Nexo Agrees To Pay $45 Million In Fine To SEC

cryptocurrencies

0
SHARES
5
VIEWS
Share on FacebookShare on Twitter
MMC MMC

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 U.S. investors.

For this, Nexo has agreed to pay a $22.5 million penalty and cease its unregistered offer. Besides, the crypto lender has agreed to pay an additional $22.5 million in order to settle similar charges by the state regulatory authorities.

The crypto lender started offering its EIP product around June 2020. This EIP product allowed US-based crypto investors to tender their digital assets to Nexo in exchange for the promise to pay interest.

The order also notes that Nexo marketed this EIP as an interest-earning product on crypto deposits. Later, the crypto lender exercised its discretion by using investors’ crypto assets in different ways. This way, Nexo generated income for its own business along with funding the interest payments to EIP investors.

In its filing, the SEC noted that such a use of the EIP product by the crypto lender constitutes security. The securities regulator added that Nexo failed to register its offer and sale of the EIP.

Nexo has agreed to pay the fine without challenging the SEC’s decision. Last month, the crypto lender announced its exit from the US market while deciding to cut off its EIP product immediately.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: CryptoSEC
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

Crypto Lender Genesis Filed For Bankruptcy Amid Troubles

Next Post

Sports NFT Platform Candy Digital raises $38.5m In A New Round

Admin

Admin

Next Post
Porsche Halts Its NFT Minting Amid Negative Feedback

Sports NFT Platform Candy Digital raises $38.5m In A New Round

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
USDD Depegs

USDD Stablecoin Depegs To $0.96, Tron (TRX) Dumped

December 12, 2022
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0
What is Defi?

Defi (Decentralized Finance)

0
Differences between Axie Infinity and Decentraland

Axie Infinity and Decentraland: Features and Differences

0
AUD USD pair

AUD/USD falls from 7-month highs

February 2, 2023
What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023
FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

February 1, 2023
Tesla Lost Millions In Crypto

Tesla Lost Millions In Crypto

February 1, 2023

Recent News

AUD USD pair

AUD/USD falls from 7-month highs

February 2, 2023
What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023
FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

February 1, 2023
Tesla Lost Millions In Crypto

Tesla Lost Millions In Crypto

February 1, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Reviews
  • Stocks

Recent News

AUD USD pair

AUD/USD falls from 7-month highs

February 2, 2023
What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>