Share this article
Ohio Joins $22.5M Multistate Settlement Against Crypto Lender Nexo
The North American Securities Administrators Association and the U.S. Securities Exchange Commission announced the settlement in January.
Updated Feb 28, 2023, 5:47 p.m. Published Feb 28, 2023, 5:42 p.m.
Make us preferred on Google
The Ohio Division of Securities has joined a $22.5 million settlement against crypto lender Nexo, it said Tuesday.
The North American Securities Administrators Association and the U.S. Securities Exchange Commission (SEC) announced in January the settlement reached with the Cayman Islands-based company.
STORY CONTINUES BELOW
The agreement was the result of a working group of state securities regulators that investigated Nexo's Earn Interest Product (EIP), where the company had told investors they can passively earn interest on digital assets.
Nexo allegedly failed to comply with state securities registration requirements and deprived investors of the important information necessary to "understand and evaluate the risks of investing in the EIP," according to the Ohio regulator’s press release.
“All financial services companies, including those offering services for crypto assets, must comply with Ohio’s securities laws,” said Securities Commissioner Andrea Seidt.
Nexo has agreed to pay $22.5 million to settle allegations with Ohio and other U.S. states as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands. It will stop offering the EIP in Ohio until that product is "properly qualified for sale," the press release said.
In total Nexo owes state regulators and the SEC $45 million.
Read more: Crypto Lender Nexo to Pay $45M, Cease Offering EIP in Settlement With SEC
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
DeFi, ethics disputes remain in Senate crypto bill ahead of Jan. 15 vote
The Senate is approaching a potential markup that may advance crypto legislation to a vote, and industry insiders are amassing for a lobbying push this week.
What to know:
- The U.S. Senate is potentially as close as it's ever been to a crypto market structure law, as the Senate Banking Committee's chairman said the panel will be ready to mark up the latest draft next week.
- It's still unclear how much Democrats might push back against this timeline, considering most of the big-ticket disputes remain to be resolved between the parties.
- A negotiation document that emerged after a meeting among senators on Tuesday demonstrates that many of the Democrats' requests have potentially been satisfied, but key concerns over the ethics of senior government officials, the treatment of DeFi and the question of stablecoins offering yield still await answers.
- Crypto insiders will visit Senate offices this week to cheer on the negotiations.
Top Stories
