Nexo agrees to pay $500K penalty to California DFPI over unlicensed and risky loans

Crypto lender Nexo Capital will pay a $500,000 fine to California's financial regulator over thousands of allegedly unlicensed consumer and commercial loans. The regulator claims Nexo failed to properly assess borrowers' repayment ability on at least 5,456 loans issued to state residents between July 2018 and November 2022.