Nexo Re-Enters US Market, Citing Improved Regulatory Clarity and Strategic Partnerships

Nexo is set to relaunch its digital asset services and crypto exchange platform in the United States on Monday, marking a significant return to the market after a more than three-year absence. The company initially withdrew from the US in December 2022, citing persistent battles with federal and state regulators and a perceived lack of clear regulatory pathways for digital asset businesses. This relaunch signifies a strategic pivot, driven by what Nexo describes as improved regulatory clarity for digital assets in the US, alongside the formation of crucial partnerships with licensed US service providers.

The rebooted Nexo platform for US users will offer a comprehensive suite of services, including flexible and fixed-term yield programs, a spot cryptocurrency exchange, and crypto-backed credit lines. A loyalty program will also be available, aimed at enhancing user engagement and benefits within the US market. Eleonor Genova, Nexo’s head of communications, confirmed these offerings to Cointelegraph, emphasizing the platform’s restructured approach to US operations.

A key element of Nexo’s re-entry strategy involves leveraging the trading infrastructure of Bakkt, a US-based digital asset platform primarily serving institutional clients. This partnership underscores Nexo’s commitment to operating within established frameworks and utilizing reputable technology providers. Genova elaborated on the operational structure, 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." This layered approach aims to ensure compliance with the complex web of US financial regulations.

The company has established its new US operations in Florida, and a management team for these operations is expected to be announced imminently. This geographical focus suggests a strategic intent to build a dedicated presence within a key financial hub.

Nexo’s initial plans to re-enter the US were publicly revealed in April 2025 during an exclusive event that featured Donald Trump Jr. as a keynote speaker. At this event, Trump Jr. articulated a vision of cryptocurrency as the future of finance, aligning with Nexo’s optimism about the evolving digital asset landscape.

Past Challenges and Regulatory Hurdles

Nexo’s departure from the US in December 2022 occurred during a pronounced crypto bear market and followed a period of intense regulatory scrutiny. The company explicitly cited the "hostile regulatory posture" toward the crypto industry under the leadership of former SEC Chair Gary Gensler as a primary reason for its withdrawal. Nexo stated at the time that its decision to exit was a necessity after eighteen months of engaging in "good faith" conversations with US state and federal regulators that yielded no discernible progress.

"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," the company articulated in a blog post announcing its gradual departure.

A significant point of contention between Nexo and US regulators, particularly the SEC, was the company’s "Crypto Earn" program. This program allowed users to earn compounding interest on select cryptocurrencies deposited with the platform. In January 2023, Nexo reached a $45 million settlement with the SEC over allegations of failing to register its interest-bearing crypto rewards program with the regulator. Concurrently, the company also settled a $22.5 million multi-state securities settlement related to the same earn interest program. Following these settlements, Nexo shuttered its Crypto Earn program for US users a month later, signaling a significant concession to regulatory demands.

The Evolving US Regulatory Landscape

Nexo’s re-entry into the US market coincides with ongoing efforts in Washington to establish clearer regulations for the cryptocurrency industry. The House of Representatives has passed legislation, such as the CLARITY Act, aimed at defining how US market regulators will oversee crypto assets. However, these legislative efforts have faced significant hurdles, with the Senate Banking Committee yet to garner sufficient bipartisan support to advance such bills.

The current legislative stalemate is partly attributed to concerns voiced by executives within the crypto industry, which US Treasury Secretary Scott Bessent has suggested have negatively impacted the sector. White House crypto adviser Patrick Witt has emphasized the need for compromise between both political parties to push for the passage of legislation before the November midterm elections.

In an effort to bridge divides, a White House-brokered meeting last week brought together representatives from the crypto and banking industries to discuss stablecoin provisions within market structure legislation. While described as "productive," the discussions have not yet resulted in a resolution. The ongoing dialogue and legislative developments highlight the dynamic and often contentious nature of crypto regulation in the United States, a landscape that Nexo is now re-entering with a revised operational strategy and a focus on compliance through strategic partnerships.