Crypto Lender Nexo Reveals Plans to Return to the U.S. Market

Nexo, a prominent platform in the digital asset space, has announced its return to the U.S. market.

This announcement was made during a special business event that featured notable speakers such as Donald Trump Jr., Executive Vice President of The Trump Organization, Gila Gamliel, Israel’s Minister of Innovation, Science, and Technology, and Antoni Trenchev, one of Nexo’s Co-Founders.

Renewed Enthusiasm for Cryptocurrency Advancement

In a press release dated April 28, it was stated that with $11 billion in assets under management, Nexo’s re-entry into the U.S. comes with newfound enthusiasm and entrepreneurial spirit.

The crypto lender plans to provide U.S. retail and institutional clients with access to a variety of products, such as high-yield savings accounts in crypto, asset-backed credit facilities, sophisticated trading solutions, and liquidity options designed for institutions.

Antoni Trenchev, Nexo’s Co-Founder, announced the company’s re-launch in the U.S., stating, “America is back — and so is Nexo.” He credited the leadership of President Donald J. Trump and his administration for fostering an atmosphere conducive to innovation. “Nexo is making its comeback in America — stronger, smarter, and ready to succeed,” he remarked.

Donald Trump Jr. emphasized the significance of cryptocurrencies for the U.S., highlighting their vital role in sustaining the nation’s economic dominance and technological progress.

“I believe that cryptocurrency represents the future of finance,” he stated. “We recognize the potential within the financial sector and aim to revive that in America,” he added.

He pointed out that creating a favorable regulatory environment is essential for empowering entrepreneurs and maintaining the nation’s edge in the digital economy, asserting, “The regulatory framework is crucial for everything in the crypto space.”

The event, featuring Donald Trump Jr. and Gila Gamliel, attracted key figures from the global business community and leaders in the investment and innovation fields.

Regulatory Hurdles Prompting Previous Exit

Nexo’s comeback follows a difficult period that included its phased exit from the U.S. market in December 2022. At that time, the company cited regulatory uncertainty and inconsistent guidelines between state and federal entities as the main reasons for its departure.

Despite over 18 months of discussions with regulators, the crypto lender faced challenges in resolving these issues. This included off-boarding clients from states such as New York and Vermont, along with halting new registrations for its Earn Interest Product in multiple states. Ultimately, conflicting regulatory stances and a prolonged inquiry by the Consumer Financial Protection Bureau (CFPB) compelled Nexo to cease its operations in the U.S.

The company’s comeback mirrors a recent announcement by OKX, which shared less than two weeks ago its plans to reopen its U.S. crypto exchange along with a new Web3 wallet for American users.