The U.S. Securities and Exchange Commission has gone after crypto brokerage firm TradeStation Crypto—and the firm has agreed to settle the case $3 million in fines.

The regulator announced charges against the Florida-based company on Wednesday, alleging that it failed to register the offer and sale of a crypto lending product.

The SEC said that TradeStation agreed to settle the charges by paying a $1.5 million penalty without admitting or denying wrongdoing.

To address similar charges by regulatory authorities at the state level, the firm agreed to pay another $1.5 million, bringing its total fines up to $3 million, the SEC added.

“The order finds TradeStation offered and sold the crypto lending product with the interest feature as a security, and, since it did not qualify for a registration exemption, TradeStation was required to register its offer and sale but failed to do so,” the SEC’s statement read.

TradeStation voluntarily stopped offering and selling the interest feature to investors in 2022, the regulator’s statement noted.

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Author: Mathew Di Salvo

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