FinTech news in Letitia James category

According to a press release from New York Attorney General Letitia James, Nexo and Nexo Capital failed to register with the state securities and commodities brokers or dealers and lied to investors about their registration status. Crypto platform Nexo is being sued by eight U.S. state securities regulators representing New York, California, Kentucky, Maryland, Oklahoma, South Carolina, Washington and Vermont. Separately, California’s Department of Financial Protection and Innovation issued a cease-and-desist order against Nexo’s crypto-interest-bearing accounts, according to a document released by the state. Nexo isn’t the first crypto company to land in hot water with U.S regulators over interest-bearing accounts, which have been viewed as securities in select cases in the past.