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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2023-01-20T19:54:00
Nexo Capital agreed to pay a total of $45 million in penalties to settle state and federal charges it failed to register its crypto asset lending product as a security.
The settlements, announced Thursday by the Securities and Exchange Commission (SEC) and North American Securities Administrators Association (NASAA), each included fines of $22.5 million. Nexo also agreed to cease the offering and sale of its lending product.
Nexo, founded in 2018 and incorporated in the Cayman Islands, specializes in lending products linked to cryptocurrency. According to the SEC’s order, Nexo marketed its Earn Interest Product (EIP) to U.S. investors starting in or around June 2020 with the promise it would earn interest for investors who loaned their cryptocurrency to Nexo.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2023-09-08T19:33:00Z By Jeff Dale
Linus Financial avoided a civil penalty in reaching settlement with the Securities and Exchange Commission over its alleged failure to register the offer and sale of its crypto lending product.
2023-02-09T22:27:00Z By Aaron Nicodemus
The Securities and Exchange Commission slapped $30 million in penalties and fees on cryptocurrency exchange Kraken, part of the agency’s ongoing pushback against unregistered crypto products.
2023-01-13T17:21:00Z By Aaron Nicodemus
The Securities and Exchange Commission accused two cryptocurrency firms, Genesis Global Capital and Gemini Trust Company, with selling a crypto lending product to investors as an unregistered security.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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