Crypto lender Nexo fined $500K by California regulator
Nexo will pay $500,000 to settle allegations that the cryptocurrency lender issued thousands of loans to Californians without a license and without considering borrowers’ ability to repay, the state’s Department of Financial Protection and Innovation announced last week.
“Lenders must follow the law and avoid making risky loans that endanger consumers — and crypto-backed loans are no exception,” DFPI Commissioner KC Mohseni said in a statement. “DFPI will continue to hold companies accountable when they break the law and put consumers’ financial security at risk.”
In an emailed statement Tuesday, Nexo spokesperson Eleonor Genova said the settlement concerns “legacy…
