8 US Regulators File Charges Against Crypto Lending Platform Nexo
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A group of US government regulators has announced they have filed lawsuits against crypto lending platform Nexo.
The California Department of Financial Protection and Innovation has required the lender to stop providing services in the state. According to the department, the interest-bearing crypto-currency accounts offered by the platform are unregistered securities and their service must be stopped.
According to the department, as of July 31, more than 18,000 California residents had active flexible or fixed term interest income accounts. In total, they store at least $174.8 million.
New York Attorney General Letitia James has also announced the opening of a separate lawsuit against Nexo.
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