Crypto lending platform Nexo has announced its return to the U.S. market with a suite of products powered by Bakkt’s trading infrastructure. This relaunch follows a $45 million settlement with the SEC in 2023 over its unregistered retail lending product and a period where the company phased out its U.S. services. Nexo, which manages $11 billion in assets, stated its return reflects a commitment to operate within evolving regulatory frameworks.
Nexo announced it is relaunching its core products in the United States after a regulatory settlement. The company will offer yield, exchange loyalty, and credit line services using infrastructure from Bakkt.
This move provides a U.S.-compliant framework for its offerings. The platform has $11 billion in assets under management according to the company.
In 2023, the SEC charged Nexo for failing to register its retail crypto lending product. The company agreed to a cease-and-desist order and a $45 million settlement without admitting or denying the allegations.
Nexo began phasing out U.S. services in 2022. The company said its return follows a period of deliberate recalibration.
A spokesperson stated Nexo complied with the 2023 SEC order by discontinuing its previous product. The relaunched services are structured through partnerships with licensed U.S. providers.
Last month, California regulators found Nexo issued over 5,000 unlicensed loans to state residents. The company was levied a $500,000 fine, which a spokesperson said did not reflect current operations.
The SEC’s action was part of a broader sweep against crypto lenders like BlockFi and Genesis. Contagion among such platforms rocked the industry in 2022.
When Nexo signaled its return in April, the announcement featured comments from former President Donald Trump. “I think crypto is the future of finance,” Trump stated at the event.
