Eight U.S. States Taking Legal Action Against Crypto Lender Nexo

Nexo Group, the owner of crypto lending company Nexo, received cease-and-desist orders from six U.S. states. Reportedly, Nexo’s Earn Interest counts as a securities program, which the company failed to register.

Apart from those six states – California, Vermont, Oklahoma, South Carolina, Kentucky, and Maryland – two other states will be taking a different kind of legal action.

Washington released a state of charges against Nexo. And New York filed a lawsuit, accusing the crypto lender of falsely claiming it is compliant with the state regulations. Indeed, Nexo’s own website claims that the company is licensed and registered to operate in some of these states.

Nexo’s representative stated that the lender had been working with regulators since February this year to ensure its compliance. As part of that effort, Nexo allegedly stopped accepting new U.S. customers for its Earn Interest program.