Nexo Announces U.S. Relaunch of Crypto Services After Three‑Year Hiatus
The digital‑asset lender will re‑enter the American market on Monday, offering a suite of products that include yield accounts, a spot exchange, crypto‑backed credit lines and a loyalty program. The rollout is built around partnerships with licensed U.S. service providers and leverages Bakkt’s trading infrastructure.
What’s changing
Nexo’s renewed U.S. offering will be hosted in Florida and is slated to go live on 8 May 2025. The platform will present both flexible and fixed‑term interest‑earning programs, a spot cryptocurrency exchange, credit facilities backed by digital assets and a tiered rewards scheme for American users.
To comply with U.S. securities law, certain functionalities are delivered through a third‑party investment adviser that is registered with the Securities and Exchange Commission (SEC). The company says the partnership model ensures that all services are provided by entities that hold the appropriate licenses for operating in the United States.
The exchange component will be powered by Bakkt, a U.S.‑based digital‑asset platform that primarily serves institutional clients. Bakkt’s technology stack will underpin order matching, custody and settlement for Nexo’s spot market.
Why Nexo left in 2022
The firm withdrew from the U.S. in December 2022 amid a period of heightened regulatory scrutiny. At that time, the company cited an “uncertain regulatory environment” under the SEC’s former chair, Gary Gensler, and a lack of clear guidance for crypto‑related financial products.
Nexo’s “Crypto Earn” program, which allowed users to earn interest on deposited digital assets, became a focal point of enforcement action. In early 2023, the company settled a $45 million SEC case for not registering the earn product as a securities offering and reached a $22.5 million multi‑state settlement. The Earn service was subsequently shut down for U.S. customers.
Emerging regulatory backdrop
Nexo’s re‑entry coincides with a tentative shift in the regulatory climate. Lawmakers in Washington have been working on the “Crypto CLARITY Act,” a bill intended to define the jurisdictional boundaries for crypto activities and provide a more predictable framework for market participants. Although the House passed a version of the bill in July, the measure has stalled in the Senate, where bipartisan consensus remains elusive.
White House crypto adviser Patrick Witt has urged lawmakers to achieve a compromise before the upcoming midterm elections, arguing that a stable regulatory pathway is essential for the industry’s growth. Treasury Secretary Scott Bessent has also voiced concerns that lingering uncertainty hampers investment and innovation in the sector.
Analysis
Nexo’s strategy of layering its services with licensed U.S. partners signals a cautious approach to re‑establishing a foothold in a market that has been, until recently, hostile to crypto‑based financial products. By delegating compliance‑critical functions to a SEC‑registered adviser and leveraging Bakkt’s institutional‑grade infrastructure, Nexo aims to mitigate regulatory risk while still delivering a consumer‑friendly experience.
The decision to base operations in Florida—home to a growing crypto‑friendly ecosystem—may also provide a supportive local regulatory environment and access to talent.
If the CLARITY Act or similar legislation gains traction, Nexo could benefit from a clearer rulebook, potentially expanding its product lineup beyond the current offerings. However, the company will still need to navigate state‑level securities regulations, as demonstrated by its earlier multi‑state settlement.
Key takeaways
- Launch date: 8 May 2025, with services headquartered in Florida.
- Product suite: Yield programs (flexible and fixed‑term), spot exchange, crypto‑backed loans, and a loyalty rewards program.
- Compliance architecture: Services are delivered through partners holding the necessary U.S. licenses, including a SEC‑registered investment adviser.
- Technology partner: Bakkt will provide the exchange’s trading engine and custodial capabilities.
- Regulatory context: The relaunch aligns with a nascent push for clearer crypto legislation, though definitive federal guidance remains pending.
- Risk considerations: Ongoing state‑level securities oversight and the uncertain timeline for federal crypto law reforms could affect future product expansions.
Nexo’s return marks one of the most high‑profile re‑entries into the U.S. crypto market in recent years. Its ability to balance regulatory compliance with a competitive product suite will be closely watched by both investors and regulators as the industry continues to seek a stable operating framework.
Source: https://cointelegraph.com/news/nexo-relaunch-united-states?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
