Eight states sue crypto lender Nexo over safety gross sales and deceptive advertising

Illustration by Alex Castro / The Verge

New York Attorney General Letitia James is suing crypto firm Nexo, alleging that the corporate misled clients by saying it was registered to promote securities and commodities and that it wasn’t permitted to supply companies like its “Earn Interest Product” that promised returns on deposited crypto. It’s the most recent authorized transfer in a struggle between regulators and crypto firms seeking to provide interest-earning accounts, usually insisting that they shouldn’t be categorized as securities.

Seven different states — California, Kentucky, Maryland, Oklahoma, South Carolina, Washington, and Vermont — are additionally submitting “administrative actions” towards the corporate, in response to a press release from the New York AG. The launch additionally quotes James as saying:…

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