Key Points: Nexo announced that it will offer its “Earn Income Product (EIP),” lending product to all US customers starting April 1.
The SEC previously fined $45 Million to this product for not having registered for an EIP.
Customers from non-US countries who believe their account was falsely flagged should update their verification details.
On April 1, Nexo, a cryptocurrency lending platform, will cease offering its “Earn Income Product (EIP),” lending product to all US citizens and residents. Clients with outstanding credit will be given ample notice to repay loans and withdraw collateralized asset. This comes after Nexo was charged by the SEC with failing to register its EIP sale and offering. The settlement reached with the US Securities and Exchange Commission last month saw the crypto company agree to pay a $45million fine and cease offering EIPs. Nexo began offering EIPs in June 2020. The SEC had previously accused Nexo that it was selling and issuing EIPs without registration. Nexo was previously accused by the SEC of issuing and selling EIPs without registration. The SEC also recently contacted Kraken, finding that the company providing securities had not been registered and was subjected to a fine up to $30 million. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuFoxyCoincu NewsTags: # Cryptocurrencies#MarketsBlockchaincryptoEIpNexo