Cryptocurrency lending firm Nexo Financial denies the allegations of offering unregistered services to New Yorkers put along by Chaser Full general Letitia James.

Attorney General James directed 2 unnamed crypto lending companies to finish operations on Monday, citing failure to annals the business in New York and performing unlawful activities.

Crypto lender Nexo is revealed to be i of the two companies to receive the cease and desist gild from the Function of the Attorney General. Denying its involvement in unlawful operations, a Nexo spokesperson said:

"Nexo is non offering its Earn Product and Substitution in New York, so information technology makes piffling sense to be receiving a cease and desist order for something we are not offering in New York anyway."

Co-ordinate to Nexo, the allegations of operating an unregistered business in New York "appears to be a example of mixing up the recipients of the letter." The company also confirmed the use of IP-based geoblocking on its platform that prevents New Yorkers from participating in locally unregistered services:

"Still, we will engage with the NY AG and seek clarity. Our visitor retains top-tier legal counsel both from US-based police force firms and our in-house legal squad."

In improver, the company has also highlighted that the Nexo Terms and Conditions explicitly land, "We do not offering our Earn production and Exchange in New York."

To further protect New Yorkers from significant undisclosed risks, the New York State Office of the Attorney General has parallelly directed three more crypto platforms to provide data nigh their activities and products.

The order to close downward operations is backed by the Martin Deed, which requires businesses to register earlier offer or selling securities or commodities in New York. "My part is responsible for ensuring manufacture players do not accept advantage of unsuspecting investors," said James.

Related: New York businesses inquire governor to deny permits for crypto mining

A grouping of local New York businesses co-signed a letter request New York Country Governor Kathy Hochul to deny permits for repurposing the city's defunct fossil-fuel power plants for crypto mining.

The proposal demands an assessment of the environmental impact of restarting the Greenidge Generating Station and the Fortistar North Tonawanda plants, which were shut down to command New York'southward greenhouse gas emissions.