Crypto lender Nexo settles with US SEC for $58 million

Fine of about 5.8 billion yen

On the 19th, crypto asset (virtual currency) lending company Nexo settled with the US SEC and state authorities in response to an order to pay a fine of about 5.8 billion yen over the provision of unregistered securities.

Nexo refuses to accept the SEC and other claims regarding the provision of unregistered securities in the United States and agrees to stop offering the yield product “Earn Interest Product” to US investors. The settlement payments will be made over the next year.

Nexo actually announced plans to phase out of the US over the next few months last December.

Relation: Cryptocurrency lending company Nexo to exit US

The U.S. SEC has stepped up its crackdown on cryptocurrency yield products in recent years. It just last week sued exchange Gemini and lender Genesis for violating securities laws.

RelationSEC sues Gemini and Genesis for securities law violations