Nexo Returns To US Market 3 Years After $45m SEC Settlement

Crypto lender Nexo has announced its return to the United States, three years after exiting the market and paying a $45 million fine to resolve regulatory charges.

The company, co-founded by former Bulgarian lawmaker Antoni Trenchev, had previously faced action from the U.S. Securities and Exchange Commission over its crypto lending product. The SEC said the product should have been registered as a security.

In 2023, Nexo agreed to pay $45 million to settle the charges without admitting or denying the regulator’s findings. As part of the settlement, the firm discontinued the product covered by the SEC order for US investors.

Announcing its relaunch on Monday, Nexo said it was re-entering the US market in partnership with Bakkt, a publicly listed crypto company. Under the new arrangement, Nexo will offer crypto-backed loans and yield-generating products to US customers.

“The current U.S. offering is structured differently and is delivered through appropriately licensed U.S. partners, including, where applicable, an SEC-registered investment adviser for advisory services,” a company spokesperson said.

A spokesperson for the SEC declined to comment on the development.