Nexo Plans US Return Amid Regulatory Shift, Trump Jr. Presence
1min read Crypto lender nexo has announced its plans to reopen operations in the United States, citing a more welcoming environment for digital assets in the country. The company, which had previously shut down its services for American customers about two years ago due to regulatory issues, is now embracing renewed optimism and entrepreneurial momentum to deliver its full range of products to American clients.
Nexo's decision to return to the US market comes after the company ceased operations and paid a $45 million fine in 2023 to the U.S. Securities and Exchange Commission (SEC). The fine was a result of accusations that Nexo was running an unregistered crypto asset lending product, the Earn Interest Product (EIP).
Ask Aime: "Navigating the Reopened Nexo Journey in the US Market"
Nexo co-founder Antoni Trenchev revealed the company's plans during a crypto conference in Bulgaria, where the eldest son of former US President Donald Trump was in attendance. Trenchev clarified that while Trump Jr. is not directly involved in Nexo's return to the US, his presence at the event is helping to spread the message that crypto is important to the United States and setting the stage for future developments.
Trenchev also mentioned that Nexo is having "constructive" conversations with the SEC and other US regulators, indicating a positive shift in the regulatory environment. The company plans to resume services in the US "in the coming months," although no official date has been announced.
This move by Nexo reflects a broader trend of increased acceptance and regulation of digital assets in the United States. The Trump administration had previously taken steps to embrace digital assets, including signing an executive order to create a strategic Bitcoin (BTC) and crypto reserve. This supportive environment is likely to encourage other crypto firms to explore opportunities in the US market.
