Linus Financial avoids penalty in SEC crypto securities case

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A Tennessee-based cryptocurrency asset business avoided a civil penalty in reaching settlement with the Securities and Exchange Commission (SEC) over its alleged failure to register the offer and sale of its crypto lending product.

Linus Financial agreed to cease and desist from further violations as part of the settlement, the SEC announced in a press release Thursday. The agency acknowledged Linus’s prompt remedial actions and cooperation in not levying a monetary penalty.

In or around March 2020, Linus began the offer and sale of its lending product, “Linus Interest Accounts,” in the United States, according to the SEC’s order.

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