Nexo Group targeted by eight regulators in the USA

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Updated September 29, 2022 | Published September 29, 2022

2 mins read

The popular crypto trading platform has been targeted by several US regulators for not presenting its products accurately and misleading investors and authorities.

Eight states have opened legal proceedings against Nexo Group, accusing the company of carrying out unregistered, interest-bearing cryptocurrency products.

Regulators from Kentucky, New York, Vermont, Washington, South Carolina, California, Maryland, and Oklahoma allege that the company has allowed consumers to set up accounts that brought them interest.

However, this was done without the company registering those accounts as securities and providing the customary disclosures, the regulators allege.

Another issue that regulators took with the platform is the way Nexo presented the account products to its customers, arguing that it was registered and licensed to carry out this type of operation.

“Earn Interest Product” accounts were offered to consumers and investors, and they bore interests of 36% on their deposits, according to the filings by regulators.

This is the latest legal action launched by regulators against cryptocurrency companies. Celsius and Voyager were recently also targeted by regulators over the products they offered and growing concern over their ability to maintain liquidity. In the end Voyager had to file for Chapter 11 bankruptcy back in July.

Much of the recent domino effect the industry has witnessed has to do with the collapse of Terraform Labs and the Terra USD.

This comes shortly after Nexo announced that it is launching its Nexo Pro service, a global trading platform for what the company described as advanced traders.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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