Tags: Nexo

While Bulgarian prosecutors dropped all charges against Nexo last December, the company has now filed a $3 billion lawsuit against the country.

Prosecutors found no evidence that Nexo committed tax fraud or money laundering following months of investigations.

Crypto Loans Platform Nexo Integrates Koinly to Ease User Tax Obligations

Nexo Launches a Crypto-Powered Debit and Credit Mastercard for the European Economic Area (EEA)

The card is only available to citizens of the 30-country European Economic Area.

Nexo users can tailor their spending to suit their preferences while accumulating up to 9% yearly interest on their holdings to be paid out daily.

Nexo looks to keep pace with regulatory requirements by implementing new certification requirements for its compliance team.

Nexo is restructuring its operations but does not plan to leave the United Kingdom. 

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Nexo is expected to terminate its EIP program in Ohio on April 1, 2023.

The North American Securities Administrators Association and the U.S. Securities Exchange Commission announced the settlement in January.

Last month, Nexo paid a $22.5 million fine to the SEC for failing to register the offer and sale of its Earned Interest Product.

The shutdown of Nexo’s earn product follows from a multi-million dollar settlement the firm paid last month with U.S. regulators.

The crypto lender has urged US-based customers to withdraw their funds soon.

If the past year of enforcement actions shows anything, it‘s that financial regulators do not need updated rules to investigate and prosecute crime in crypto.

The Bulgarian authorities launched their attack on Nexo to sabotage the third mandate, Trenchev maintained.

The fines will be paid to the SEC and NASAA, who opted for a lower penalty in light of Nexo’s cooperation.

Nexo began offering its Earn Interest Product to U.S. customers in June 2020.

The crypto lender didn‘t categorically admit or deny the findings from the SEC‘s investigation despite agreeing to the settlement.

A Singapore court has supposedly extended Vauld’s creditor protection until February 28, 2023.