Crypto Lender Nexo Hit With Enforcement Actions From Eight States
State securities regulators in California and several other states took action against Nexo Group, the parent company of crypto lender Nexo, on Monday, calling the company’s Earn Interest Product an unregistered security. The DFPI release mentions Nexo’s interest rates of up to 36%.
Nexo CEO Antoni Trenchev told Decrypt in a text message that the company has been working with federal and state securities regulators to make its Earn Interest products compliant. Nexo is committed to finding a clear path forward for the regulated provision of products and services in the US, ideally on a federal level,” said Trenchev.
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