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Nexo hit with enforcement actions from 8 US state regulators

Nexo hit with enforcement actions from 8 US state regulators

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Regulators in several US states have announced enforcement actions against cryptolender Nexo, and cease and desist orders have been issued for some of Nexo’s interest-bearing crypto products.

As of Monday afternoon, at least eight states had filed lawsuits against the leading crypto lender. A CNBC report noted that New York, California, Oklahoma, Maryland, Kentucky, South Carolina, Vermont and Washington had all filed lawsuits.

New York Attorney General Letitia James sued the crypto company for not registering and lying to investors.

Between at least June 2020 and the present day, the defendants, operating through their publicly available website and mobile smartphone application that allow users to buy, sell, deposit, trade, lend and earn interest on their virtual currency, violated New York’s Martin Act. and executive law by acting as unregistered securities brokers or traders and/or commodity brokers,” the New York attorney general’s complaint reads.

Other state regulators also accuse Nexo of offering its income accounts to customers in their jurisdictions without the required securities registrations. A crypto platform’s failure to disclose information is an allegation in any enforcement action.

The California Department of Financial Protection and Innovation (DFPI) said in a press release:

The California Department of Financial Protection and Innovation (DFPI) announced today that it has joined seven state securities regulators in filing lawsuits against Nexo Group (Nexo) related to its fixed income product accounts..”



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