The US Securities and Exchange Commission (SEC) filed a complaint against Florida-based TradeStation Crypto for failing to register the offer and sale of a crypto lending product that promised investors the opportunity to earn interest.
In a statement issued Wednesday, the agency announced that TradeStation has agreed to settle the charges and pay a $1.5 million fine.
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Founded in 1982 and acquired by Japanese financial group Monex in 2011, TradeStation is a conventional finance platform. In 2020, it began offering crypto deposit accounts for customers to earn interest.
According to the presentation, as of 2021, TradeStation had 11,122 active users worldwide using the interest feature.