Major crypto lender Nexo is re-establishing its presence in the United States, signaling a significant move nearly two years after resolving a $45 million matter with the Securities and Exchange Commission (SEC). The firm announced its return, aiming to offer its full suite of digital asset services to American clients once again.
[Nexo U.S. Market Return Announcement]
According to a social media update from the company, both retail and institutional customers in the U.S. can now access services including interest-bearing crypto accounts, credit lines backed by digital assets, advanced trading platforms, and institutional liquidity solutions. This marks a notable comeback after the company previously ceased offering certain products to U.S. investors following regulatory scrutiny.
This strategic relaunch follows a January 2023 settlement with the SEC. The U.S. regulator had charged Nexo with failing to register its Earn Interest Product offering. As part of the resolution, Nexo paid the $45 million penalty without admitting or denying the SEC’s findings.
Navigating regulatory landscapes has been a recurring theme for the firm. Beyond the SEC settlement, Nexo faced significant legal challenges in Bulgaria. In early 2023, its offices were raided as part of an investigation into alleged financial crimes, claims which Nexo consistently denied.
That investigation concluded in December 2023 when Bulgarian prosecutors dropped the case, citing insufficient evidence. However, Nexo asserted that the disruption caused significant reputational and financial damage, derailing plans like a potential U.S. stock market listing and leading the company to pursue substantial damages from Bulgarian authorities. Overcoming these hurdles highlights the complex operational environment for international cryptocurrency businesses.