
Crypto Lender Nexo Charged by SEC Over Unregistered Security Sales, Will Pay $45M in Fines
In addition to paying fines, Nexo will reportedly cease its unregistered lending product to all US investors.
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The NEXO cryptocurrency is a digital token of the credit platform of the same name. With NEXO, each member of the platform will be able to get a loan at a minimum interest rate, and other part of the users will be able to provide a loan. The risk of losing money is reduced to zero.
In addition to paying fines, Nexo will reportedly cease its unregistered lending product to all US investors.
Nexo filed the lawsuit against the CIMA shortly after the Bulgarian police raided its office in Sofia.
Prosecutor General spokesperson for Bulgarian police denied any political agenda behind the recent raids on Nexo’s office in Bulgaria.
The Bulgarian police has raided Nexo’s office on charges of “organized crime, money laundering, tax evasion, banking activity without a license, and computer fraud”.
Nexo has until the close of business today to show its good intentions by responding to Vauld’s queries satisfactorily.