{"id":16684,"date":"2023-01-20T19:02:29","date_gmt":"2023-01-20T19:02:29","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nexo-agrees-45-million-settlement-with-us-regulators\/"},"modified":"2023-01-20T19:02:29","modified_gmt":"2023-01-20T19:02:29","slug":"nexo-agrees-45-million-settlement-with-us-regulators","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nexo-agrees-45-million-settlement-with-us-regulators\/","title":{"rendered":"Nexo agrees $45 million settlement with US regulators"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674235601679-69381087-fefd-4d74-a96e-4ff33c0a841f-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674235601679-69381087-fefd-4d74-a96e-4ff33c0a841f-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674235601679-69381087-fefd-4d74-a96e-4ff33c0a841f-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674235601679-69381087-fefd-4d74-a96e-4ff33c0a841f-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><\/picture><\/div>\n<ul>\n<li dir=\"ltr\"><em><strong>Nexo reached a $45 million settlement with US regulators, including the SEC.<\/strong><\/em><\/li>\n<li dir=\"ltr\"><em><strong>The crypto lender allegedly offered unregistered securities via its Earn Interest Product.<\/strong><\/em><\/li>\n<li dir=\"ltr\"><strong><em>Nexo will pay $22.5 to state regulators and the rest to the SEC, with this expected in the next 12 months.<\/em><\/strong><\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/nexo\/\">Nexo<\/a>, a Cayman Islands corporation founded in 2018 and a leading crypto lender, will pay $45 million as settlement with the US Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA).<\/p>\n<p dir=\"ltr\">NASAA announced the settlement late Thursday, noting Nexo had agreed to pay the penalties following the outcome of a comprehensive investigation into an interest product the crypto platform allegedly offered to US customers.<\/p>\n<h2 dir=\"ltr\">Nexo settlement closes multi-year investigation<\/h2>\n<p dir=\"ltr\">According to the <a href=\"https:\/\/www.nasaa.org\/67039\/nasaa-and-sec-announce-45-million-settlement-with-nexo-capital-over-interest-bearing-account\/\" rel=\"noopener noreferrer\" target=\"_blank\">press release<\/a> announcing the settlement, the charges related to Nexo\u2019s offering and sale of alleged unregistered securities via its Earned Interest Product (EIP). The regulatory watchdog noted 17 US state securities regulators had agreed to the reported settlement, with more set to accept it.<\/p>\n<p dir=\"ltr\">\u201c<em>T<\/em><em>his settlement recognises the important work of state securities regulators and the SEC in making sure that those who are investing their hard-earned money have all the information necessary to understand the risks and rewards of their decisions<\/em>,\u201d said Charlie Clark, Director, Washington Department of Financial Institutions Agency.<\/p>\n<p dir=\"ltr\">Nexo commented on the landmark settlement via a <a href=\"https:\/\/nexo.io\/media-center\/nexo-reaches-landmark-resolution-with-us-regulators\" rel=\"noopener noreferrer\" target=\"_blank\">blog release<\/a>, confirming it had been reached on a \u201c<em>no-admit-no-deny basis<\/em>.\u201d This closes a multi-year probe into Nexo\u2019s offerings, particularly its interest bearing accounts.<\/p>\n<p dir=\"ltr\">According to Nexo, the regulators\u2019 inquiries over the past year or so showed the company had not engaged in any fraud.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Nexo believes that the company has been recognized for what it truly is \u2013 a pioneer, like Uber and Airbnb, providing disruptive solutions in a fast-paced environment.<\/p>\n<p>4\/9<\/p>\n<p>\u2014 Nexo (@Nexo) <a href=\"https:\/\/twitter.com\/Nexo\/status\/1616195617574854656?ref_src=twsrc%5Etfw\">January 19, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">\u201c<em>We are content with this unified resolution which unequivocally puts an end to all speculations around Nexo\u2019s relations to the United States. We can now focus on what we do best \u2013 build seamless financial solutions for our worldwide audience<\/em>,\u201d said Nexo co-founder Antoni Trenchev.<\/p>\n<p dir=\"ltr\">The crypto lender will pay $22.5 million to state securities regulators and the rest to the SEC, with the payments made over the next 12 months. Notably. Nexo was in the process of a phased out exit from the United States market.\u00a0<\/p>\n<p dir=\"ltr\">Nexo\u2019s native token NEXO rose in the aftermath of the announcement, and was changing hands around $0.84 on Friday afternoon. The <a href=\"https:\/\/coinjournal.net\/nexo\/\">NEXO price<\/a> was up by more than 17% in the past 24 hours as at 12:10 pm ET<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/nexo-to-pay-45-million-to-settle-sec-charges\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Nexo reached a $45 million settlement with US regulators, including the SEC. The crypto lender allegedly offered unregistered securities via its Earn Interest Product. Nexo will pay $22.5 to state regulators and the rest to the SEC, with this expected in the next [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":16685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16684"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=16684"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16684\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/16685"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=16684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=16684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=16684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}