Nexo Brings Crypto Business Back to US

Three years after battling with regulators, crypto platform Nexo has returned to the U.S.

The company announced in a new release Monday (Feb. 16) that this return is being carried out in collaboration with “regulated partners,” giving Nexo’s investment and credit products a U.S.-compliant framework.

“Nexo’s renewed presence in the United States follows a period of deliberate recalibration and reflects the company’s long-term commitment to operating in markets where regulatory frameworks are evolving, institutional standards are clearly defined, and innovation can be pursued responsibly,” the release said.

Nexo added that its relaunch marks an “alignment with clients and partners who prioritize resilience, strong governance, and disciplined risk management in the digital asset ecosystem.”

Among these partners is Bakkt, a publicly- listed, U.S.-based digital asset platform that provides Nexo with its digital asset trading infrastructure.

Nexo left the U.S. following clashes with regulators over its crypto lending product. The company agreed in 2023 to pay a $45 million settlement to the Securities and Exchange Commission (SEC) and state regulators. As part of that settlement, Nexo also agreed to cease offering its earned interest product after being charged with failing to register the offer and sale of that product with regulators.

The company announced its plans to return to the U.S. last spring, as the then-new Trump administration was ushering in a sea change in regulatory attitude toward the crypto sector.

However, that doesn’t mean tension between the industry and the government has completely faded. For example, Treasury Secretary Scott Bessent said last week that the crypto industry should support the CLARITY Act and help get it passed as quickly as possible.

He told CNBC that comments some crypto companies have made about not supporting the crypto market structure bill have contributed to the volatility of bitcoin.

“There has been a bipartisan working group, and there is a group of Democrats that want to work with Republicans on getting a market structure bill, it’s called the CLARITY bill, but there are a group of crypto firms who have been blocking it,” Bessent said. “They said, ‘Well, we’d rather have no legislation than this legislation,’ and that doesn’t seem to have been good for the overall crypto community. So, at a time when we are having one of these historically volatile sell-offs, I think some clarity on the CLARITY bill would give great comfort to the market, and we could move forward from there.