{"id":260262,"date":"2022-09-28T07:00:36","date_gmt":"2022-09-28T01:30:36","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=260262"},"modified":"2022-09-27T19:51:06","modified_gmt":"2022-09-27T14:21:06","slug":"crypto-lender-nexo-faces-charges-from-eight-u-s-states","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/crypto-lender-nexo-faces-charges-from-eight-u-s-states\/","title":{"rendered":"Crypto-lender Nexo faces charges from eight U.S states"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">State regulators from California, Kentucky, New York, Maryland, Oklahoma, South Carolina, Washington and Vermont have claimed that Nexo allegedly failed to register its \u201cEarn Interest Product\u201d as a security and offered it to clients in the form of an interest yielding account.\u00a0<\/span><\/p>\n<h4><b>Details of actions taken<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">California\u2019s Department of Financial Protection and Innovation (DFPI) issued a cease and desist <\/span><a href=\"https:\/\/dfpi.ca.gov\/wp-content\/uploads\/sites\/337\/2022\/09\/D-R-Nexo-Group.pdf\"><span style=\"font-weight: 400;\">order<\/span><\/a><span style=\"font-weight: 400;\"> and released a <\/span><a href=\"https:\/\/dfpi.ca.gov\/2022\/09\/26\/dfpi-joins-other-state-securities-regulators-to-bring-actions-against-another-crypto-interest-account-provider\/\"><span style=\"font-weight: 400;\">statement<\/span><\/a><span style=\"font-weight: 400;\"> regarding the same. \u201cThese crypto interest accounts are securities and are subject to investor protections under the law, including adequate disclosure of the risk involved,\u201d said <\/span><span style=\"font-weight: 400;\">DFPI <\/span><span style=\"font-weight: 400;\">Commissioner Clothilde Hewlett<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The release also noted that Nexo offered significantly high interest rates to investors with the concerned product, sometimes upto 36%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The state of Virginia issued an ex parte cease and desist <\/span><a href=\"https:\/\/dfr.vermont.gov\/sites\/finreg\/files\/regbul\/dfr-order-22-022-s-nexo.pdf\"><span style=\"font-weight: 400;\">order<\/span><\/a><span style=\"font-weight: 400;\"> citing lack of protection by Securities Investor Protection Corporation (SIPC). The order also noted that the concerned product was not insured by the Federal Deposit Insurance Corporation (FDIC).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Oklahoma and Kentucky joined California and Virginia in issuing cease and desist orders. The state of Washington has not yet issued a cease and desist order, but it did publish a <\/span><a href=\"https:\/\/dfi.wa.gov\/sites\/default\/files\/securities\/enforcement-actions\/S-21-3225-22-SOC01.pdf\"><span style=\"font-weight: 400;\">statement of charges<\/span><\/a><span style=\"font-weight: 400;\"> which detailed all alleged misdeeds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New York, Maryland and South Carolina have not issued cease and desist orders yet, however, they did issue notices levelling similar accusations. New York has initiated action that specifically accuses Nexo of misrepresentation regarding its registration status.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/ag.ny.gov\/sites\/default\/files\/2022.09.26_nexo_complaint_final.pdf\"><span style=\"font-weight: 400;\">complaint<\/span><\/a><span style=\"font-weight: 400;\"> filed by New York Attorney General Letitia James revealed that the state is seeking to ban Nexo from operating in New York altogether.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cNexo violated the law and investors\u2019 trust by falsely claiming that it is a licensed and registered platform. Nexo must stop its unlawful operations and take necessary action to protect its investors,\u201d AG James said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cNexo is committed to finding a clear path forward for the regulated provision of products and services in the US, ideally on a federal level,\u201d NEXO CEO Antoni Trenchev said in a statement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nexo had clarified earlier this year that it had <\/span><span style=\"font-weight: 400;\">&#8220;voluntarily ceased the onboarding of new US clients for our Earn Interest Product as well as stopped the product for new balances for existing clients,&#8221;<\/span><span style=\"font-weight: 400;\">. This move came after the SEC expressed its stance on interest yielding accounts, amid a $100 million <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-12\/blockfi-to-pay-100-million-to-sec-states-over-crypto-lending?utm_source=twitter&amp;utm_content=business&amp;utm_campaign=socialflow-organic&amp;utm_medium=social&amp;cmpid=socialflow-twitter-business\"><span style=\"font-weight: 400;\">settlement<\/span><\/a><span style=\"font-weight: 400;\"> with crypto-lender BlockFi.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The crypto-industry is witnessing a renewed campaign by regulatory agencies to crack down on crypto-products. Previously, such actions could be attributed to calls for stricter regulations in the wake of Terra\u2019s collapse and the 2 trillion dollar loss in valuation that followed. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the upcoming midterm elections may be to blame for the recent crackdown.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. State regulators from California, Kentucky, New York, Maryland, Oklahoma, South Carolina, Washington and Vermont have claimed that Nexo allegedly failed to register its \u201cEarn Interest Product\u201d as a security and<a href=\"https:\/\/ambcrypto.com\/crypto-lender-nexo-faces-charges-from-eight-u-s-states\/\">Continue reading <span class=\"sr-only\">&#8220;Crypto-lender Nexo faces charges from eight U.S states&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":260267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,20],"tags":[],"class_list":["post-260262","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Crypto-lender Nexo faces charges from eight U.S states - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The state of Virginia issued an ex parte cease and desist order citing lack of protection by Securities Investor Protection Corporation...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/crypto-lender-nexo-faces-charges-from-eight-u-s-states\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto-lender Nexo faces charges from eight U.S states - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Switzerland-based crypto-lender Nexo is facing simultaneous enforcement action from eight different U.S states over varying allegations. 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