Crypto services platform Nexo relaunches in the United States
Nexo is set to relaunch its digital asset services and crypto exchange platform in the US on Monday, more than three years after it left the market following battles with federal and state regulators.
Now, citing improved regulatory clarity for digital assets in the US, the rebooted Nexo platform will offer flexible and fixed-term yield programs, a spot cryptocurrency exchange, crypto-backed credit lines and a loyalty program for US users, Nexo head of communications Eleonor Genova told Cointelegraph.
The platform’s trading infrastructure will be provided by Bakkt, a US-based digital asset platform focused on serving institutional clients. Genova said:
“Nexo’s US offering is structured through partnerships with appropriately licensed US service providers. Certain services are made available via a third-party Securities and Exchange Commission-registered (SEC) investment adviser, which provides advisory services under applicable US securities laws.”
Current SEC Chair Paul Atkins testifies to Congress. The SEC has made a pro-crypto regulatory pivot under Atkins’ leadership. Source:
The new US operations will be based in Florida and run by a management team to be announced soon, according to the company.
Nexo first announced plans to re-enter the US during an exclusive event in April 2025, which featured Donald Trump Jr., the son of US President Donald Trump, as a keynote speaker. At the event, Trump Jr. described crypto as the future of finance.
Related: Nexo to pay $500K fine to California regulator over ‘risky loans’
2022 exit cited regulatory uncertainty under Gensler regime
Nexo left the US market in December 2022 during the depths of the crypto bear market, citing the hostile regulatory posture toward the crypto industry under the leadership of former SEC chair Gary Gensler.
Source:
The company said it had decided to exit the US out of necessity after engaging in “good faith” conversations with US state and federal regulators over 18 months that did not move the needle.
“It is now unfortunately clear to us that despite rhetoric to the contrary, the US refuses to provide a path forward for enabling blockchain businesses,” the company said at the time.
Nexo’s “Crypto Earn” program, which allowed users to earn compounding interest on select cryptocurrencies loaned to the platform, was a major point of contention between the SEC and the company.
In January 2023, Nexo agreed to a $45 million settlement with the SEC over failing to register its interest-bearing crypto rewards program with the regulator. The company also settled a $22.5 million multi-state securities settlement related to the earn interest program.
The company shuttered its Crypto Earn program for US users one month later.
Washington mulls crypto “clarity”
Nexo’s market reentry comes amid efforts in Washington to pass a bill defining how US market regulators will police crypto. The House passed a similar bill, the CLARITY Act, in July, but the effort has stalled as the Senate Banking Committee has yet to gather enough bipartisan support to advance it.
White House crypto adviser Patrick Witt said on Friday that both sides must compromise on the issue and push for passage before November’s midterm elections. Contributing to the stalemate are concerns voiced by crypto industry executives, which US Treasury Secretary Scott Bessent believes have negatively impacted the industry, he told on Friday.
A White House-brokered meeting last week between crypto and banking industry representatives to reach an agreement on stablecoin provisions in the market structure bill was described as “productive,” but remains unresolved.
Magazine: Astrology could make you a better crypto trader: It has been foretold
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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