Crypto trading and lending platform Nexo has announced its return to the United States, marking the end of a nearly three-year pause that began during its regulatory hurdles in late 2022. The operations resumption was celebrated at an exclusive event featuring Donald Trump Jr., Israel’s Minister of Innovation Gila Gamliel, and Nexo co-founder Antoni Trenchev.
Why the 3-Year Pause?
In 2022, during an enforcement action nicknamed “The BlockFi Order,” U.S. regulators charged Nexo with offering unregistered securities. Following the development, the platform announced a phased withdrawal of its U.S. products and services. It halted new registrations for its Earn Interest Product in eight states and suspended its interest-bearing accounts nationwide.
As a last resort, Nexo voluntarily stopped onboarding new U.S. clients for its earn products. The firm paid $45 million in fines to the SEC and various state agencies, resolving its case without admitting or denying wrongdoing.
Nexo Returns to U.S.
According to an official press release, Nexo will reintroduce high-yield crypto savings accounts with daily compounding, asset-backed credit lines, and advanced spot trading. It will also offer institutional-grade liquidity solutions, along with personal U.S. dollar wallets under full regulatory supervision.
The private gathering featured keynote remarks from Donald Trump Jr., who framed the comeback as integral to restoring America’s financial leadership. Trenchev said, “America is back – and so is Nexo.” The statement hinted at the reason for resuming its service in the U.S. Notably, there have been several favorable regulatory actions from both the federal and state levels recently.
Most noteworthy is the appointment of Paul Atkins as SEC Chairman. He immediately emphasized the need for a “firm foundation” for crypto and pledged to separate political pressures from the SEC’s rule-making process. Days later, he declared that crypto market participants “deserve clear regulatory rules of the road.”
Other Crypto Firms Eye the U.S.
Wintermute, the London-based market maker, has announced its intention to establish a U.S. presence by opening a New York office and rolling out over-the-counter and derivatives offerings to American clients.
At the same time, Tether is also evaluating a U.S.-only stablecoin as the firm plans to expand its operations in the United States. Robinhood Markets is capitalizing on the favorable regulatory environment to increase its crypto-trading footprint across all 50 states in the U.S.
