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California regulators fined Nexo $500,000 for issuing unlicensed loans to at least 5,456 state residents. The DFPI said Nexo Capital Inc., a Cayman Islands based entity and part of the Nexo group, offered crypto backed consumer and commercial loans without holding a valid state license and without evaluating borrowers ability to repay. Lenders must follow the law and crypto backed loans are not exempt. Nexo must transfer all California funds to a licensed US affiliate within 150 days. The conduct occurred between July 26, 2018, and November 22, 2022, during which Nexo expanded its lending and then withdrew from the US. Nexo has since shuttered traditional crypto lending for US customers, keeping only overseas crypto backed borrowing. This marks another clash with California regulators, following a 2022 multistate settlement over Earn Interest Product and a 2023 SEC enforcement that brought total penalties to 45 million USD in the US. The no admit no deny settlements are cited as problematic, and commentators warn of further actions. Representatives for Nexo did not comment.
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