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Nexo to Return to U.S. After 2022 Exit, Citing Renewed Crypto Optimism Under Trump
The digital asset platform, which left the U.S. after clashing with regulators, says it’s relaunching with full services for retail and institutional clients.
What to know:
- Crypto lender Nexo will return to the U.S. market after a two-year hiatus caused by regulatory challenges.
- Co-founder Antoni Trenchev attributed the move to a more favorable environment for innovation under the Trump administration.
- Nexo said it now manages $11 billion in assets and will offer its full range of services to U.S. clients, including high-yield savings and credit lines.
Crypto lender Nexo said it is reentering the U.S., marking a comeback two years after regulatory friction forced its exit.
"America is back and so is Nexo," Co-founder Antoni Trenchev said at a press event Sunday in Bulgaria with Donald Trump Jr., crediting what he described as a more favorable environment for innovation under the Trump presidency.
STORY CONTINUES BELOW
"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, not stifled. A place where pioneers are celebrated," Trenchev said, according to a press release.
Now managing $11 billion in assets, Nexo said it 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.
Nexo withdrew from the U.S. in late 2022 after what it called a "dead end" in negotiations with state and federal regulators over its Earn Interest Product, as well as the market turmoil following the collapse of crypto exchange FTX and a wider crackdown on crypto lenders, CoinDesk reported at the time.
The company said in 2022 it could no longer operate in an "impossible environment" following multiple enforcement actions, including from California and New York.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
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