NY joins crackdown on crypto lending products

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By Elise Hansen (October 18, 2021, 4:59 p.m. EDT) – The New York attorney general’s office on Monday ordered two cryptocurrency lending platforms to shut down operations in the state and requested information from three others, so as regulatory pressure intensifies on digital asset lending products.

Nexo Financial LLC received one of the office’s ceasefire letters, which alleges that the company is illegally selling securities or commodities in the state without the required registration. The letter requires Nexo to cease the suspected activity within 10 days.

A representative for Nexo said the company believed the letter was sent to the company in error, noting that its terms of service indicated that customers using …

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