In brief
The California Department of Financial Protection and Innovation found Nexo issued crypto-backed loans to at least 5,456 Californians without a license.
Nexo reportedly failed to evaluate borrowers’ ability to repay, existing debt, or credit history before extending credit.
The penalty comes as Nexo signals plans to re-enter the U.S. market after withdrawing in 2022, adding to $45 million in settlements with the SEC and state regulators in 2023.
California regulators have fined digital assets platform Nexo $500,000 for issuing thousands of
California Fines Crypto Wealth Platform Nexo $500K Over ‘Unlicensed’ Loans
