Crypto loan platform Nexo has announced that it will end its high-yield product, for which it had to pay a $ 45 million penalty.
In a February 10 post, Nexo made a detailed statement about its activities in the USA. About 1 month ago to US regulators $45 million fine The company that accepts the payment is the one that generates returns for its customers. Interest Earning Product (EIP) or as it is known Earn program He declared that he was ready to end. In the aforementioned post, the Earn program for US customers 1 AprilIt was announced that it will be stopped in .
According to the announcement, users will continue to receive interest payments until April 1. On the other hand, on the termination date, the yield program for the product will be stopped and users will be requested to withdraw their assets in the Earn program.
Nexo as the reason why Earn offer was stopped US Securities and Exchange Commission (SEC) And North American Association of Securities Managers (NASAA) He showed the agreements he made with the company on January 19th.
The SEC, NASAA, and at least 17 state securities regulators have banned Nexo from offering and selling the Earn product. not legally registered launched an investigation.
The SEC and NASAA have discussed Nexo’s revenue generation methods used to generate returns for investors. full appreciation He said he retained his authority. The institution announced that the company promotes its products to US investors through its website and social media channels, and that investors in some cases annually to 36% He stated that he thinks he can earn as much as possible.