Linus Financial Accused of Offering Unregistered Crypto Lending Products Settles with SEC

Odaily Planet Daily News The encryption service company Linus Financial has reached a settlement with the US SEC, which had accused it of providing encrypted lending products to retail investors without registration. The SEC announced the settlement on Thursday, focusing on Linus’ crypto lending product Linus Interest Accounts. It added that due to the company's cooperation and prompt remediation, the SEC decided not to impose civil penalties. An SEC order shows that Linus Financial began offering and selling its interest-bearing account products in March 2020. The SEC said: “The order found that the Linus interest-bearing accounts were offered and sold as securities and did not qualify for the SEC’s exemption from registration. Accordingly, Linus Financial was required to register.” (The Block)