Nexo Axes Earn, Calls $45M Fine to Regulators ‘Landmark Resolution’
Crypto lender Nexo settles with SEC at this absurd amount… Details inside
It strikes me the SEC continues to extort money from crypto firms precisely because of its continued refusal to create legal clarity. Much easier to sue in the hope that most won't fight back.
Compare this to some countries that are moving forward with legislation. People in the USA will have the choice of being criminals or poor - or both. I'm not saying that crypto will make anybody wealthy, but it has thrown a wedge into the idea that you must be wealthy before you can become wealthier.
On December 2022, the company’s co-founder, Antoni Trenchev, announced the winding down of its American operations. The company reached this decision after reaching an impasse with regulators.
After the settlement, Trenchey said,
“We are content with this unified resolution which unequivocally puts an end to all speculations around Nexo’s relations to the United States.”
Bye bye US of A.