Multistate Lawsuit Resolved by Nexo Crypto Lender with $22.5M Settlement

Once the Ohio Division of Securities joined the settlement as the newest state regulator, the cryptocurrency lender Nexo reached a deal with numerous US states for $22.5 million.

The business, which is run by Bulgarian entrepreneur Kosta Kantchev, will pay $424,528.30 to each of the states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands that have ratified the settlement.

The entire settlement for the crypto loan and savings company is $22.5 million.

The Securities Commissioner for Ohio, Andrea Seidt, stated in a news statement on Tuesday that all businesses dealing with digital assets must adhere to Ohio securities rules.

Commissioner Seidt stated, "We will continue to protect Ohioans' interests and make sure that firms operating here obey our securities rules in collaboration with NASAA and other state securities regulators.

The press announcement also said that starting April 1st of this year, Nexo has promised to stop paying interest on all active EIP accounts. The EIP must be "properly qualified for sale in Ohio" in order to constitute an exemption.