Nexo Hit With $500,000 DFPI Fine Over Unlicensed Crypto-Backed Loans in California

California's Department of Financial Protection and Innovation has ordered Nexo Capital Inc. to pay a $500,000 penalty for issuing unlicensed crypto-backed loans to 5,456 state residents between 2018 and 2022. The action adds pressure to Nexo's plans to re-enter the U.S. market, following earlier nationwide settlements tied to securities violations and investor disclosures.