A week after Nexo's office in Lithuania was raided, the login password lender reached an agreement with the Securities and Exchange Commission (SEC) and paid a total of $45 million in penalties. The Securities and Exchange Commission accused Nexo of not registering to sell its encrypted loan product, the loan interest Product (EIP), to US investors.
As a result, Nexo allows the payment of a penalty of $22.5 million and terminates its unregistered offer. In addition, the login password borrower is allowed to pay an additional $22.5 million, in response to a similar complaint from Duanzhou regulators.
According to SEC, the encryption lender gradually gave its EIP products around June 2020. This EIP product allows American login password investors to submit their digital currency to Nexo in exchange for a promise to pay interest on the loan.
The directive also mentioned that Nexo marketed the EIP as an interest product for encrypted banks. After that, this family of login password borrowers carry out their own administrative law enforcement procedures and apply investors' login password property in various ways. In this way, Nexo generates revenue for its business processes and assets to pay interest to EIP investors.
SEC mentioned in its filing that the practice of login password borrowers using EIP products formed a kind of securities. Regulators filled the claim that Nexo had not documented the offer, commitment and sale of EIP. Referring to the trend of the situation, the current chairman of SEC, Gamo Gensler, stated:
Nexo has been accused of failing to apply for registration of a retail encryption loan product until it is given to the community, bypassing the most basic disclosure rules dedicated to protecting investors. Following everyone's tried-and-tested social policy is not an option. If the encryption company does not implement it, we will continue to pursue his obligations in accordance with the laws and regulations of factual evidence. In such a case, Nexo will, among other things, terminate the granting of unregistered loan products to all US investors.
Nexo has agreed to pay the penalty without doubting SEC's determination. Last month, the encryption lender announced its withdrawal from the US market, while confirming that its EIP products would be disconnected immediately.
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