The Securities and Exchange Commission charged Florida-based TradeStation Crypto, Inc., for failing to register the offer and sale of a crypto lending product that promised investors a way to earn interest. 

The agency announced that charge on Wednesday and said TradeStation had agreed to settle the charges and pay a $1.5 million penalty without admitting or denying the SEC's findings, according to a statement.

TradeStation is a mainstream finance platform founded in 1982 and acquired by the Japanese finance group Monex in 2011. In 2020, it started offering cryptocurrency deposit accounts allowing customers to earn interest. As of 2021, TradeStation had 11,122 active users participating in the interest feature globally, according to the filing. 

The SEC said TradeStation’s …