Sau khoản phạt 50 triệu USD, Nexo còn nhiều khả năng quay trở lại thị trường Mỹ không

California regulators issued a $500,000 fine to Nexo on January 16, citing that this crypto lending platform had issued loans to at least 5,456 California residents without permission between 2018 and 2022, and had not assessed borrowers’ repayment ability prior to lending. This comes shortly after Nexo announced plans to re-enter the US market, once again exposing systemic compliance issues.

Core issues of violation

The illegal activities of Nexo Capital Inc. are not merely a license deficiency but a failure of a comprehensive risk control system. According to the investigation by the California Department of Financial Protection and Innovation (DFPI), the main problems include:

• Issuing loans to consumers and businesses without a valid lending license
• Usually not assessing borrowers’ repayment ability, existing debts, or credit history before lending
• Lack of robust loan review and risk management policies
• This practice persisted for over 4 years (July 2018 to November 2022)

DFPI Director KC Mohseni’s statement was straightforward: crypto lending must also comply with the law, and consumer protection standards should not be lowered just because it is an emerging industry.

A company’s regulatory history

Nexo’s troubles are far from limited to this fine. Looking at the company’s interaction history with US regulators reveals that its compliance issues are systemic:

This timeline indicates that Nexo’s compliance improvements may be superficial. Even after settling with regulators in 2023, investigations in California still uncovered numerous violations from 2018 to 2022.

Challenges in re-entering the US market

Nexo is planning to re-enter the US market, but the new fine undoubtedly complicates this effort. According to the settlement agreement, the company must transfer all California customer funds to its US affiliate Nexo Financial LLC, which holds a California financial lending license, within 150 days (about 5 months).

What does this mean? Simply put, Nexo needs to demonstrate that it has established a compliant operational system. But in this process, it also faces:

• Ongoing scrutiny from regulators regarding its past violations
• Consumer doubts about its credibility
• Possible subsequent investigations by other states and federal agencies
• The need for time to restore user confidence

Personal opinion: Nexo’s path back will be quite bumpy. Even if it now has a licensed US affiliate, regulators will increase oversight. The entire crypto lending industry is under tighter regulation, and Nexo’s historical issues will draw extra attention.

Industry signal: consumer protection as a red line

This case is highly significant for the entire crypto lending industry. Regulatory attitudes are clear:

Crypto lending must meet traditional financial consumer protection standards. This includes risk assessments before lending, borrower financial reviews, comprehensive risk management policies, etc. Lowering standards just because it is a crypto product is unacceptable.

From the $45 million settlement in 2023 to the current $500,000 fine, US regulators continue to send the same message. This serves as a warning to other crypto lending platforms—either build a truly compliant system or exit the US market.

Summary

Nexo’s fine is a punitive measure by California regulators for its historical violations and a warning to the entire crypto lending industry. Key points are:

First, the severity of violations. Nexo’s issues are not occasional oversights but systemic neglect of consumer protection requirements, affecting over 5,000 users.

Second, the firmness of regulation. Even after settling in 2023, new investigations still uncovered and penalized past violations. This shows that US regulators will not relax oversight of crypto companies just because of settlements.

Third, the uncertainty of re-entry. Nexo plans to re-enter the US market, but with consumer protection as a red line, it must demonstrate genuine compliance improvements, not just superficial reforms. It remains to be seen how it will complete fund transfers within 150 days and whether it will face new regulatory actions afterward.