Nexo Resumes Operations in the US After Three-Year Hiatus
Crypto lender Nexo announced on Monday that it has restarted its business in the United States, three years after exiting the market. The company previously agreed to pay a $45 million penalty following disputes with US regulators, highlighting the broader scrutiny and market pressures that have shaped the crypto landscape from price swings in Bitcoin to regulatory enforcement actions.
Background of Regulatory Settlement
Nexo, co-founded by former Bulgarian lawmaker Antoni Trenchev, settled charges linked to one of its crypto lending products. The US Securities and Exchange Commission stated that the product should have been registered as a security. As part of the agreement, Nexo neither admitted nor denied the regulator’s conclusions.
New Partnership and Product Offering
The company said it is reentering the US market through a partnership with publicly listed crypto firm Bakkt. Nexo plans to offer crypto-backed loans and yield-generating products to American customers under this new arrangement.
Compliance and Structural Changes
According to a company spokesperson, the product cited in the 2023 SEC order was discontinued for US investors. The new services are structured differently and are provided through properly licensed US partners. Where required, advisory services will be handled by an SEC-registered investment adviser. The SEC has not yet commented on Nexo’s relaunch. Monday was a public holiday in the US.
Political Connections and Industry Shift
Antoni Trenchev met US President Donald Trump in July at Trump’s golf resort in Scotland, where Nexo sponsored a golf championship. Trenchev later shared on X that they discussed politics and a shared vision for crypto in the US.
Trump, once critical of digital assets, softened his stance before returning to office. After he took office last year, the SEC scaled back its extended enforcement campaign against crypto firms. Nexo also hosted Donald Trump Jr. at a business event in Sofia last April.
Company Response on US Comeback
When asked whether its return was linked to its contacts with the Trump family, Nexo said the decision was based solely on its ability to provide services within a compliant framework. The company stressed that its US relaunch is unrelated to any political connections.
