Cryptocurrency lender Nexo will have to pay a $45 million fine to the SEC and the United States.

According to the SEC, Earn Interest should have been registered with regulators before being marketed because. constituted an offer of securities. The regulator notes that Nexo has attracted a large number of customers over the past few years. offering interest rates above 10% to people who lent their cryptocurrencies..

Nexus accepted the sanction without admitting or denying the irregularities. and agreed to pay half of the $45 million fine to the federal agency, and the other half to fifteen states, including California and New York, which had already sued her for the same reason.. Also, Nexus will no longer offer the program to US investors.although the SEC pointed out that it had already decided to phase out this product last December.

Similarly, the co-founder of cryptoprestamistam Antoni Trenchevsaid in a statement that he was pleased with the resolution of the incident and said that now “we can focus on what we do best: creating transparent financial solutions for our global audience.”

London-based Nexo offers lending and trading services, and manages around $2.2 billion in assets, according to a statement from accounting firm Armanino LLP. In 2020, Nexo expanded to the United States and Europe. As of March 2022, according to the SEC, it managed $2.7 billion in assets for 112,000 US clients..

Recently, the company’s office in Bulgaria was searched by local police. as part of an investigation for suspected money laundering and tax offenses. Authorities said that they have proof that at least one person who used the platform to transfer cryptocurrencies has been officially declared a financier of terrorist activities..

Moreover, in recent days, the US regulator formally charged the cryptocurrency exchange Gemini and to the bankrupt crypto lender Genesis (Digital Currency Group) of sell unregistered securities under its Gemini Earn programwhich worked similarly to Nexo’s Earn Interest product.

Furthermore, in 2022 the BlockFi company, also bankrupt agreed to pay $100 million to settle a similar investigation. BlockFi’s fine is the largest civil monetary penalty ever agreed to by a cryptocurrency company with the SEC.