Eight states file cease and desist order against the crypto platform Nexo.

They claimed that Nexo offered interest earning accounts without registering the customers into their platform.

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Without insight to these financial records, state regulators contend investors cannot make stated investment decisions.

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The filings also claimed that Nexo mispresented the accounts and told the investors that they are a registered platform.

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Nexo states that only one asset earns an interest rate at 36% without any advertisement.

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It also tells that one popular coin, bitcoin also earns yield in single digit percentages.

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Celsius which offered similar services filed for bankruptcy.

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The terms and conditions of Nexo said the company could deploy customer assets at its "sole and absolute discretion."

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In a statement, Nexo tried to differentiate it from other platforms that had run into financial issues.

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According to studies, Nexo didnot involve themselves in any sort of uncollateralised loans.

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