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The crypto lender Nexo has resolved a settlement for $22.5 million with multiple US states, after the Ohio Division of Securities became the latest state regulator to join in. The firm, which is led by Bulgarian entrepreneur Kosta Kantchev, will pay $424,528.30 per jurisdiction that has joined the settlement, which includes multiple US states, the…
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The shutdown of Nexo’s earn product follows from a multi-million dollar settlement the firm paid last month with U.S. regulators. Cryptocurrency lending firm Nexo Capital is set to terminate its yield-bearing Earn Interest Product for its customers in the United States roughly a month after it agreed to pay $45 million in penalties to U.S.…
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During the first week of 2023, payment service giant Paypal said it was exploring the launch of a stablecoin. At the time, an executive at Paypal stated that if the company moved forward, it would work closely with financial regulators. However, on Feb. 10, a source noted that Paypal has put the concept on hold…
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The US Securities and Exchange Commission (SEC) has levied a $45 million fine on Nexo Capital Inc. The SEC explains the reason for the fine in a tweet, Today we charged Nexo Capital Inc. with failing to register the offer and sale of its retail crypto asset lending product, the Earn Interest Product (EIP). To…
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The cryptocurrency lender, Nexo, has agreed to pay $45 million to the U.S. Securities and Exchange Commission (SEC) and several state regulators after charges were levied against the firm for failing to register the company’s Earn Interest Product (EIP). Nexo detailed that the settlements are on a “no admit, no deny” basis and that the…
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The cryptocurrency economy is doing well during the third week of the new year, compared to the end of 2022. It is currently valued at $993.17 billion, as many digital assets have seen double-digit gains during the last two weeks. While some of the top ten cryptocurrencies, like bitcoin and ethereum, are performing well, a…
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The company claims that the negotiations with potential crisis managers entered the “advanced stage.” Embattled crypto lending platform Vauld one more time gets the period of creditor protection from a Singapore court. The company should come up with a revival plan before Feb. 28. As reported by Bloomberg on Jan. 17, Vauld has been granted…
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The crypto lender claimed that the Cayman Islands Monetary Authority had placed “too much weight” on regulators’ enforcement actions in its decision to deny registration. The same week that Bulgarian authorities were raiding Nexo’s offices and indicting four individuals for charges related to money laundering, the crypto lender filed suit in the Cayman Islands. In…
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While the FTX saga continues to make headlines, last week brought a plethora of new troubles for crypto companies in the United States, Europe and Asia. The United States Securities and Exchange Commission charged cryptocurrency lending firm Genesis Global Capital and crypto exchange Gemini with selling unregistered securities through Gemini’s “Earn” program. The Commodity Futures…
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