Crypto lending platform Nexo announced its return to the United States, two years after regulatory hurdles prompted its departure. The company cited a more welcoming environment for innovation, particularly under the Trump presidency.
“America is back and so is Nexo,” declared co-founder Antoni Trenchev at a press event in Bulgaria on Sunday, where he was joined by Donald Trump Jr. Trenchev credited what he described as a shift towards championing innovation within the U.S. under the former president’s leadership.
According to a press release, Trenchev stated, “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.”
Nexo, which currently manages $11 billion in assets, plans to offer its complete range of services to both retail and institutional clients in the U.S. These services include high-yield savings products, asset-backed credit lines, and advanced trading solutions.
The company previously exited the U.S. market in late 2022, citing a “dead end” in discussions with state and federal regulators concerning its Earn Interest Product. This decision also followed the market instability triggered by the collapse of crypto exchange FTX and increased regulatory scrutiny on crypto lenders, as reported by CoinDesk at the time.
In 2022, Nexo stated that it could no longer operate in an “impossible environment” following multiple enforcement actions from states like California and New York. This re-entry signals a significant shift in the company’s perspective on the U.S. regulatory landscape.
