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Two Crypto-Lending Firms Ordered Shut by New York’s James
Summary: New York Attorney General Letitia James said she ordered two cryptocurrency lending platforms to stop operating in the state, and sent three other platforms letters with questions about their operations. Though James did not name the firms, Nexo Financial LLC in a statement confirmed it had received a cease-and-desist letter, while a person familiar with ...
New York Attorney General Letitia James said she ordered two cryptocurrency lending platforms to stop operating in the state, and sent three other platforms letters with questions about their operations.
Though James did not name the firms, Nexo Financial LLC in a statement confirmed it had received a cease-and-desist letter, while a person familiar with the matter said Celsius Network LLC was among the firms that received a request for more information.
“Cryptocurrency platforms must follow the law, just like everyone else, which is why we are now directing two crypto companies to shut down and forcing three more to answer questions immediately,” James said in a press release Monday. The release states that virtual currency lending products “fall squarely within any of several categories of “security” under the Martin Act,” meaning they must be registered with the attorney general’s office.
By Amy Liu
Tags: Crypto,Letitia James,New York
Link: Two Crypto-Lending Firms Ordered Shut by New York’s James [Copy]
