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Ohio Joins $22.5M Multistate Settlement Against Crypto Lender Nexo

The Ohio Division of Securities has joined a $22.5 million settlement against crypto lender Nexo, it said Tuesday.

The North American Securities Administrators Association and the U.S. Securities Exchange Commission (SEC) announced in January the settlement reached with the Cayman Islands-based company.

The agreement was the result of a working group of state securities regulators that investigated Nexo's Earn Interest Product (EIP), where the company had told investors they can passively earn interest on digital assets.

Nexo allegedly failed to comply with state securities registration requirements and deprived investors of the important information necessary to "understand and evaluate the risks of investing in the EIP," according to the Ohio regulator’s press release.

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