California Regulator Orders Halt to MyConstant’s Crypto Lendin | .

California Regulator Orders Halt to MyConstant’s Crypto Lending Services

California financial regulators have ordered online crypto loans platform MyConstant to desist from offering some of its crypto-related products in the state. The Department of Financial Protection and Innovation (DFPI) blocked the platform.

The DFPI alleged in an action that MyConstant engaged “in the business of acting as a finance lender or broker” without the needed license. Additionally, since at least 2020, MyConstant allegedly offered and sold “unqualified, nonexempt securities in issuer transactions in the State of California by offering two interest-bearing products.”. MyConstant offered loan brokering services for personal loans.

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