More bad news for Nexo, whose Bulgarian offices were raided a week prior amidst allegations of organized financial crime. Now, the United States SEC and state securities regulators have fined the company a total of $45 million for violations of securities law — only the latest in a string of regulatory enforcement actions against companies offering interest-earning cryptocurrency accounts or lending services.

In a spin attempt rivaling those of Olympic gymnasts, Nexo wrote that the large fine was good, actually: « Nexo believes that the company has been recognized for what it truly is – a pioneer, like Uber and Airbnb, providing disruptive solutions in a fast-paced environment, » they wrote.

In February, following similar action against BlockFi, Nexo stopped offering their interest program to new customers in the US. Now, Nexo will also stop offering its lending product to US customers as part of the settlement agreement.

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