Cryptocurrency services platform Nexo has officially relaunched its operations in the United States after a more than three-year absence. The company exited the U.S. market in late 2022 due to regulatory pressures, culminating in a $45 million settlement. Its return features yield programs, a spot exchange, and crypto-backed loans, facilitated through a partnership with the regulated U.S. platform Bakkt.
Nexo, a digital asset services provider, has officially relaunched its operations in the United States. This strategic return comes more than three years after the firm exited the U.S. market at the end of 2022.
The company’s initial departure followed an unfavorable regulatory environment concerning its interest-bearing products. Eleonor Genova, head of communications at Nexo, cited improving regulatory clarity as a driver for the relaunch.
The revamped U.S. platform will offer flexible and fixed-term yield programs alongside spot cryptocurrency exchange services. It will also provide crypto-backed credit lines and a loyalty program for users.
A key component of the relaunch is a partnership with Bakkt, a U.S.-regulated digital asset platform providing trading infrastructure. Nexo’s offering will include certain advisory services from a third-party SEC-registered investment adviser.
The company’s previous exit was prompted by intense regulatory scrutiny, notably regarding its unregistered “Crypto Earn” product. This led to a $45 million settlement with regulators in early 2023.
At the time, Nexo stated the decision was due to “a lack of regulatory clarity.” Bitcoin remains a central asset for the platform’s renewed suite of U.S. products and services.
