According to reports, Nexo is set to pay a $500,000 fine to California regulators. The California finance watchdog alleges that Nexo made approximately 5,500 loans to residents of California without possessing the necessary valid license. The regulator also claims that Nexo did not adequately assess the borrowers' ability to repay these loans. The development highlights the increasing scrutiny and regulatory challenges faced by crypto lending platforms operating in the United States.

According to reports, Nexo is set to pay a $500,000 fine to California regulators. The California finance watchdog alleges that Nexo made approximately 5,500 loans to residents of California without possessing the necessary valid license. The regulator also claims that Nexo did not adequately assess the borrowers' ability to repay these loans. The development highlights the increasing scrutiny and regulatory challenges faced by crypto lending platforms operating in the United States.