{"id":516959,"date":"2023-01-20T18:00:35","date_gmt":"2023-01-20T23:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=516959"},"modified":"2023-03-08T07:26:26","modified_gmt":"2023-03-08T07:26:26","slug":"nexo-pays-45m-in-penalties-settles-us-authorities","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/nexo-pays-45m-in-penalties-settles-us-authorities\/","title":{"rendered":"Nexo Pays $45M In Penalties And Settles With US Authorities"},"content":{"rendered":"<p><span style=\"font-weight: 400\">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,<\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400\">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 settle charges, Nexo agreed to pay $22.5 million and cease its unregistered offer and sale of the EIP to U.S. investors.<\/span><\/i><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The $22.5 million fine for selling EIP to US investors. Moreover, the $22 million fine will go through settling the claims by State Regulatory Authorities. The SEC Chairman, Gary Gensler, reinforces that crypto organizations must comply with its policies. Failure to do so will allow the SEC to hold the defaulters accountable.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/jpmorgan-taps-former-celsius-exec-as-crypto-regulatory-policy-director\/\" target=\"_blank\" rel=\"noopener \">JPMorgan Taps Former Celsius Exec As Crypto Regulatory Policy Director<\/a><\/div>\n<h2><b>What Is EIP And Why The Fine?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Starting in June 2020, Nexo is marketing and selling its Earn Interest Product (EIP) in the USA. Nexo operates so that it lends money to its customers, and interest becomes its primary source of income. <\/span> <span style=\"font-weight: 400\">Nexo uses this interest income to pay interest on its loans further. However, several states in the USA alleged that Nexo\u2019s earn-interest service is not registered as a Security.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As a result, the states of California, Oklahoma, Vermont, South Carolina, Kentucky, and Maryland took the company to court. They demanded a cease-and-desist order on the company\u2019s EIP service.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/california-state-kills-main-crypto-bill-why\/\" target=\"_blank\" rel=\"noopener \">California State Kills Main Crypto Bill, Why?<\/a><\/div>\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-11\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">SEC order<\/span><\/a><span style=\"font-weight: 400\"> says that Nexo used its EIP service to fund interest payments and inject it into its other businesses. Moreover, the SEC holds Nexo at fault because their EIP Security fails to meet the requirements for an exemption from the regulatory authority.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">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 settle charges, Nexo agreed to pay $22.5 million and cease its unregistered offer and sale of the EIP to U.S. investors.<\/p>\n<p>&mdash; U.S. Securities and Exchange Commission (@SECGov) <a href=\"https:\/\/twitter.com\/SECGov\/status\/89968952?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 19, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Even though Nexo agrees to pay the fine and stop the EIP service, they have not confirmed the allegations. In response to the penalty, Nexo also published a <\/span><a href=\"https:\/\/twitter.com\/Nexo\/status\/46070792?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E46070792%7Ctwgr%5E6948fd2f082e6abc6a4a4a8132d8417b4c679b81%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fnexo-reaches-22-5m-settlement-with-us-sec%2F\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">settlement tweet<\/span><\/a><span style=\"font-weight: 400\"> confirming that they agree to a no-admit-no-deny settlement.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Nexo has reached a final landmark resolution with the U.S. Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA), consisting of all 50 U.S. States &amp; 3 territories and the Attorney General of New York.\ud83e\uddf5<a href=\"https:\/\/t.co\/modjbPsOdV\" rel=\"nofollow\">https:\/\/t.co\/modjbPsOdV<\/a><\/p>\n<p>&mdash; Nexo (@Nexo) <a href=\"https:\/\/twitter.com\/Nexo\/status\/46070792?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 19, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Further, Nexo\u2019s Co-Founder Antoni Trenchev says,<\/span><\/p>\n<blockquote><p><i><span style=\"font-weight: 400\">We are content with this unified resolution which unequivocally puts an end to all speculations around Nexo\u2019s relations with the United States. We can now focus on what we do best \u2013 build seamless financial solutions for our worldwide audience.<\/span><\/i><\/p><\/blockquote>\n<h2><b>SEC Is Getting More Vigilant And Strict<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Noting some of the SEC\u2019s previous actions on crypto companies, it can be said that it is tightening the noose. In February 2022, <a href=\"https:\/\/wncen.com\/interview\/adalend-ceo-kaspars-koskins-100m-fine-for-blockfi-canada-banking-freeze-highlights-the-importance-of-decentralized-finance\/\" target=\"_blank\" rel=\"noopener \">SEC fined BlockFi $100 million<\/a> for its unregistered securities offerings. The BlockFi fine acted as a warning for several other crypto firms offering similar products.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">A <\/span><a href=\"https:\/\/www.cornerstone.com\/wp-content\/uploads\/2023\/01\/SEC-Cryptocurrency-Enforcement-2022-Update.pdf\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Cornerstone Research<\/span><\/a><span style=\"font-weight: 400\"> finds several proceedings in which the SEC holds crypto companies accountable for their services, solutions, and actions. Over 30 such enforcement proceedings came under the chairmanship of Gary Gensler in 2022. Similar to the Nexo case, the <\/span><a href=\"https:\/\/wncen.com\/sponsored\/gemini-earn-users-want-justice-exchange-ignores-them-to-buy-ledgerx\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">SEC also charged Gemini<\/span><\/a><span style=\"font-weight: 400\"> for its unregistered service in the form of sales of securities.<\/span><\/p>\n<figure id=\"attachment_516964\" aria-describedby=\"caption-attachment-516964\" style=\"width: 1920px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-516964 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/BTCUSDT.png?resize=1920%2C1019\" alt=\"Bitcoin chart\" width=\"1920\" height=\"1019\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/BTCUSDT.png?w=1920 1920w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/BTCUSDT.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/BTCUSDT.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/BTCUSDT.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/BTCUSDT.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/BTCUSDT.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/BTCUSDT.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-516964\" class=\"wp-caption-text\">Bitcoin was priced at $21,158 on the one-day chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/HQ8PFW9I\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured Image From UnSplash, Chart From TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 settle charges, Nexo agreed to pay $22.5 million and cease its unregistered offer and sale of the EIP to U.S. investors. The $22.5 million fine for selling EIP to US investors. Moreover, the $22 million fine will go through settling the claims by State Regulatory Authorities. The SEC Chairman, Gary Gensler, reinforces that crypto organizations must comply with its policies. Failure to do so will allow the SEC to hold the defaulters accountable.\u00a0 Related Reading: JPMorgan Taps Former Celsius Exec As Crypto Regulatory Policy Director What Is EIP And Why The Fine? Starting in June 2020, Nexo is marketing and selling its Earn Interest Product (EIP) in the USA. Nexo operates so that it lends money to its customers, and interest becomes its primary source of income. Nexo uses this interest income to pay interest on its loans further. However, several states in the USA alleged that Nexo\u2019s earn-interest service is not registered as a Security.\u00a0 As a result, the states of California, Oklahoma, Vermont, South Carolina, Kentucky, and Maryland took the company to court. They demanded a cease-and-desist order on the company\u2019s EIP service.\u00a0 Related Reading: California State Kills Main Crypto Bill, Why? The SEC order says that Nexo used its EIP service to fund interest payments and inject it into its other businesses. Moreover, the SEC holds Nexo at fault because their EIP Security fails to meet the requirements for an exemption from the regulatory authority.\u00a0 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 settle charges, Nexo agreed to pay $22.5 million and cease its unregistered offer and sale of the EIP to U.S. investors. &mdash; U.S. Securities and Exchange Commission (@SECGov) January 19, 2023 Even though Nexo agrees to pay the fine and stop the EIP service, they have not confirmed the allegations. In response to the penalty, Nexo also published a settlement tweet confirming that they agree to a no-admit-no-deny settlement.\u00a0 Nexo has reached a final landmark resolution with the U.S. Securities and Exchange Commission (SEC), the North American Securities Administrators Association (NASAA), consisting of all 50 U.S. States &amp; 3 territories and the Attorney General of New York.\ud83e\uddf5https:\/\/t.co\/modjbPsOdV &mdash; Nexo (@Nexo) January 19, 2023 Further, Nexo\u2019s Co-Founder Antoni Trenchev says, We are content with this unified resolution which unequivocally puts an end to all speculations around Nexo\u2019s relations with the United States. We can now focus on what we do best \u2013 build seamless financial solutions for our worldwide audience. SEC Is Getting More Vigilant And Strict Noting some of the SEC\u2019s previous actions on crypto companies, it can be said that it is tightening the noose. In February 2022, SEC fined BlockFi $100 million for its unregistered securities offerings. The BlockFi fine acted as a warning for several other crypto firms offering similar products.\u00a0 A Cornerstone Research finds several proceedings in which the SEC holds crypto companies accountable for their services, solutions, and actions. Over 30 such enforcement proceedings came under the chairmanship of Gary Gensler in 2022. Similar to the Nexo case, the SEC also charged Gemini for its unregistered service in the form of sales of securities. Featured Image From UnSplash, Chart From TradingView.com<\/p>\n","protected":false},"author":579,"featured_media":516966,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87545,84344,87640,3799],"class_list":["post-516959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-earn-interest-product-eip","tag-nexo","tag-nexo-fine","tag-sec"],"acf":[],"yoast_head":"\n<title>Nexo Pays $45M In Penalties And Settles With US Authorities<\/title>\n<meta name=\"description\" content=\"The US Securities and Exchange Commission (SEC) has levied a $45 million fine on Nexo Capital Inc. 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