Nexo fined $500K for unlicensed lending in California

Crypto lender Nexo has been fined $500,000 by California's Department of Financial Protection and Innovation (DFPI) for unlicensed lending and violating consumer protection laws, Cointelegraph reported. The DFPI stated that from July 2018 to November 2022, Nexo issued 5,456 consumer and commercial loans to state residents without a license. The agency also noted that the company failed to assess borrowers' financial status, including their ability to repay, existing debts, and credit history, before providing the loans.