Stephen Alpher is CoinDesk's co-regional news chief, Americas. He holds btc and eth above the coindesk's $1,000 reporting threshold.
The United States Securities and Exchange Commission (SEC) charged Nexo, a crypto lender, for failing to record the offer and sale of its Earn Interest (EIP) product. Nexo agreed to pay a fine of $22.5 million per second and another $22.5 million to pay similar fees through government regulatory agencies.
In agreeing to the settlement, the SEC took note of Nexo's decision in December 2022 to voluntarily halt access to its EIP in eight states and stop signing up any new U.S. customers. Nexo used to have customers in two other jurisdictions.
Nexo faces regulatory issues elsewhere as well, with a report last week of Bulgarian authorities probing the company on suspicion of money laundering, tax offenses, banking without a license and computer fraud.