James Richardson
Crypto lending platform Nexo is officially reentering the U.S. market, nearly two years after it suspended services for American customers due to regulatory challenges surrounding its Earn Interest Product.
The company announced its comeback during a private business gathering, unveiling its plans to offer crypto savings accounts, asset-backed loans, and other major financial services once again, targeting both individual and institutional clients.
Why Nexo Withdrew from the U.S. in 2022
Unlike several centralized lenders like BlockFi, Celsius, and Voyager, which exited the market following bankruptcies, Nexo’s departure in 2022 was primarily driven by mounting regulatory pressure. Throughout that year, the company gradually restricted access to its Earn Interest Product across various U.S. states.
Regulatory bodies, including the Consumer Financial Protection Bureau (CFPB) and the Securities and Exchange Commission (SEC), accused Nexo of selling its Earn product without proper registration. Consequently, Nexo ceased its U.S. operations in December 2022 and resolved the matter with a $45 million settlement in January 2023, without admitting liability.
A More Crypto-Friendly Political Climate Fuels Nexo’s Return
Nexo’s renewed U.S. strategy comes amid a shift in the regulatory landscape under President Donald Trump’s administration. Recent signals from Washington suggest a softer stance toward cryptocurrency regulation, with the new leadership aiming to roll back some of the strict enforcement actions championed by former SEC Chair Gary Gensler.
This evolving environment offers companies like Nexo an opportunity to rebuild and expand their services in a more favorable regulatory framework.
