According to Foresight News , citing Cointelegraph, crypto lending company Nexo Capital has been fined $500,000 by the California Department of Financial Protection and Innovation (DFPI) for issuing loans to California residents without a license and failing to properly assess borrowers' repayment ability. Nexo issued at least 5,456 consumer and business loans to California residents between July 2018 and November 2022 without a valid license. Under the settlement agreement, Nexo must transfer all funds belonging to California residents to its U.S. subsidiary, Nexo Financial LLC, which holds a California financial lending license, within 150 days.
Nexo was fined $500,000 by California regulators for illegally issuing crypto loans.
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