Nexo Revives Crypto Services Platform in US Market
Nexo plans to bring back its digital asset services and cryptocurrency exchange platform to the United States on Monday, marking a significant return after more than three years away due to conflicts with federal and state regulatory authorities.
With enhanced regulatory clarity surrounding digital assets in the country, the revitalized Nexo platform will provide American users with a range of options, including flexible and fixed-term yield opportunities, a spot trading exchange for cryptocurrencies, credit lines secured by crypto holdings, and a dedicated loyalty rewards system. Eleonor Genova, Nexo’s head of communications, shared these details with Cointelegraph.
The trading backbone for this relaunched platform will come from Bakkt, an American digital asset firm that primarily caters to institutional investors. Genova elaborated by stating: “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 has overseen a notable shift toward more favorable crypto regulations during his testimony before Congress. The new operations for Nexo in the US will be headquartered in Florida, managed by a leadership team that the company intends to reveal shortly.
The company first revealed its intentions to re-enter the American market back in April 2025 at an exclusive gathering, where Donald Trump Jr., son of US President Donald Trump, delivered a keynote address. During his speech, Trump Jr. highlighted cryptocurrencies as the upcoming cornerstone of financial systems.
Departure in 2022 Driven by Regulatory Uncertainty Under Gensler
Nexo withdrew from the US marketplace in December 2022, right in the middle of a harsh cryptocurrency downturn, pointing to the aggressively unfriendly stance taken by regulators under the direction of then-SEC Chair Gary Gensler.
After more than 18 months of earnest discussions with both state and federal oversight bodies that yielded no progress, Nexo concluded that leaving was unavoidable. At that time, the firm declared, “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.”
A key source of friction was Nexo’s “Crypto Earn” initiative, which enabled participants to generate compounding interest on chosen digital currencies by lending them to the platform. This program drew sharp scrutiny from the SEC.
In early January 2023, Nexo reached a $45 million settlement agreement with the SEC for not registering its interest-generating crypto rewards offering. Additionally, the company resolved a $22.5 million settlement spanning multiple states, also tied to the same earn interest product.
Just one month afterward, Nexo discontinued its Crypto Earn program specifically for users in the United States.
Washington Debates Path to Crypto Regulatory Clarity
Nexo’s comeback to the market aligns with ongoing initiatives in the nation’s capital to enact legislation that clearly outlines how US regulators will oversee the cryptocurrency sector. Back in July, the House of Representatives approved a measure known as the CLARITY Act, though progress has halted in the Senate Banking Committee, which lacks sufficient cross-party consensus to move it forward.
Patrick Witt, a crypto advisor to the White House, remarked on Friday that lawmakers from both chambers need to find common ground and prioritize passing the bill ahead of the November midterm elections. The impasse has been exacerbated by reservations expressed by leaders in the crypto sector, which US Treasury Secretary Scott Bessent indicated have harmed the industry, according to his Friday comments.
A recent meeting facilitated by the White House, involving representatives from the crypto and traditional banking sectors to negotiate stablecoin elements within the market structure legislation, was labeled as constructive, yet key issues remain unsettled.
This development underscores a broader evolution in the US regulatory environment, potentially paving the way for more crypto-native firms to expand their footprints domestically. Nexo’s strategic partnerships and compliance-focused approach position it well to capitalize on these changes, offering US-based investors renewed access to sophisticated digital asset tools previously unavailable.
