The company Nexo has agreed to pay $45 million to US regulators and will stop offering unregistered crypto products.
This was announced by the United States Securities and Exchange Commission, which accused Nexo of violating the rules by offering a crypto-lending product.
To avoid an investigation by the authorities, the Bulgarian-founded company will pay a $22.5 million penalty and additional fines of the same amount.
In the out-of-court settlement, Nexo did not admit or deny the agency’s findings. The company must pay the fine within 12 months, reports BNT. This puts an end to US regulators’ review of Nexo’s business operations.