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NY attorney general is investigating crypto lending platforms

Bitcoin

New York's attorney general thinks two crypto lending platforms are "high-risk virtual currency schemes."

Image: Andre Francois McKenzie / Protocol

New York Attorney General Letitia James is investigating crypto lending platforms, calling them "high-risk virtual currency schemes."

James has ordered two unnamed companies to cease and desist operations for residents of New York. She has ordered three other companies to provide information to her office.

While the two companies ordered to cease operations were not named, unredacted file names of the letters name the two companies as Nexo and Celsius. Nexo said in a tweet that it does not offer its Earn product to New Yorkers.

These products are essentially unregistered interest-bearing accounts, James alleged. "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."

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

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