After months of speculation, crypto lending giant Nexo has announced its return to the U.S. market, nearly two years after its decision to exit, following a $45 million settlement with the U.S. Securities and Exchange Commission (SEC) over its unregistered lending product.
In a press release, Co-founder Antoni Trenchev thanked the U.S. president’s administration for what he described as “a more favorable environment for innovation.”
“Thanks to the vision and leadership of President Donald J. Trump, his administration, and his family, the United States is once again a place where innovation is championed.” Trenchev said.
What Will Nexo Offer to the U.S. Market?
The firm, which currently manages $11 billion in assets, will offer its full suite of services to U.S. retail and institutional clients including high-yield savings products, asset-backed credit lines, and advanced trading solutions, according to the statement.
Why Did Nexo Leave the U.S. Market in the First Place?
In late 2022, Nexo decided to exit the U.S. market, calling it a “dead end” in negotiations with state and federal regulators over its Earn Interest Product.
The collapse of crypto exchange FTX in 2022 also played a crucial role in Nexo’s decision. The company described the situation, at the time, as an “impossible environment,” following multiple enforcement actions by authorities in California and New York, according to CoinDesk.