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(Reuters) — Nexo Capital Inc. has agreed to pay $45 million in penalties to settle charges from the U.S. Securities and Exchange Commission and state regulators that the crypto company failed to register its crypto asset lending product, the SEC said Thursday.
Nexo has agreed to pay a $22.5 million penalty to the SEC and another $22.5 million in fines to state regulators, the SEC said in a statement.
Nexo began to offer its lending product around June 2020, allowing U.S. investors to give their crypto assets to the company in exchange for a promise of interest, the SEC said. The company ceased offering the product to new investors after the SEC announced similar charges against another company in February 2022.
The U.K.-based crypto lender said last it would phase out its U.S. products and services over the coming months due to clashes with regulators.
Nexo did not admit or deny the SEC's findings.