NY Attorney General Letitia James Directs Unregistered Crypto Lending Platforms to Cease Operations In New York, Announces Additional Investigations
Posted on 10/18/2021
New York Attorney General Letitia James (NYAG) has sent cease and desist orders to multiple crypto lending platforms. They’ve also reopened an inquiry into Tether, now demanding details about their suspicious transactions, clients, contracts, and more. Part of the press release reads, “Virtual or “crypto” currency lending platforms are essentially interest-bearing accounts that offer investors a rate of return on virtual currencies that are deposited with them. In New York, these lending platforms must register with the Office of the Attorney General (OAG) if they are operating within the state or offering their products to New Yorkers.”
NYAG reopened its inquiry into Tether.
NexoFinance received a cease & desist letter from NYAG.
The NexoFinance tweet was soon taken down.
NOTE
Nexo gave a statement to SWFI after publication of the story saying, “Nexo is not offering its Earn Product and Exchange in New York, so it makes little sense to be receiving a C&D for something we are not offering in NY anyway. We will engage with the NY AG as this is a clear case of mixing up the recipients of the letter. We use IP-based geoblocking.”
