Why Is Nexo Re-Entering the US Now?
Nexo will relaunch its digital asset services and crypto exchange platform in the United States on Monday, more than three years after withdrawing from the market amid regulatory disputes. The company says improved regulatory clarity for digital assets has opened the door for its return.
According to Nexo head of communications Eleonor Genova, the revived US platform will offer flexible and fixed-term yield products, a spot cryptocurrency exchange, crypto-backed credit lines and a loyalty program tailored for US users. The company’s trading infrastructure will be provided by Bakkt, a US-based digital asset platform focused on institutional services.
“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,” Genova said.
The US operations will be headquartered in Florida and led by a management team that the company says will be announced soon.
Investor Takeaway
What Forced Nexo Out in 2022?
Nexo exited the US market in December 2022, during the crypto downturn, citing what it described as a hostile regulatory stance under then-SEC Chair Gary Gensler. The company said it had spent 18 months in discussions with state and federal regulators without reaching a workable outcome.
“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.
The main friction centered on Nexo’s “Crypto Earn” product, which allowed users to earn interest on digital assets lent to the platform. In January 2023, Nexo agreed to pay $45 million to settle SEC charges that it had failed to register the interest-bearing product. It also resolved a multi-state securities case for $22.5 million tied to the same program.
One month after the settlements, Nexo shut down the Crypto Earn program for US users.
How Has the Regulatory Climate Changed?
Nexo’s return comes as lawmakers in Washington debate legislation aimed at defining the roles of US market regulators in overseeing digital assets. The House passed the CLARITY Act in July, but the bill has stalled in the Senate Banking Committee amid bipartisan disagreements.
White House crypto adviser Patrick Witt said on Friday that both sides need to compromise and advance the legislation before November’s midterm elections. US Treasury Secretary Scott Bessent told CNBC that concerns raised by crypto industry executives have weighed on the sector, adding to pressure for clearer rules.
At the Securities and Exchange Commission, leadership changes have coincided with a more industry-friendly posture. Market participants have interpreted this shift as a reduction in enforcement-driven policy and a move toward formal rulemaking.
Investor Takeaway
What Does the Relaunch Mean for US Crypto Lending?
Nexo’s product mix includes yield programs and crypto-backed credit lines, both of which were central to earlier regulatory disputes across the industry. Several competitors either scaled back or withdrew similar offerings following enforcement actions in 2022 and 2023.
By structuring services through licensed partners and a third-party SEC-registered investment adviser, Nexo appears to be adjusting its operating model to align more closely with US securities and advisory rules. The use of Bakkt’s infrastructure also anchors the platform within a US-based trading framework.
The broader question is whether yield-bearing crypto products can coexist with US securities law without triggering renewed enforcement. Nexo’s return will serve as a real-time test of that balance, particularly as Congress continues to debate how digital asset markets should be supervised.
