The crypto firm Nexo says it is returning to the United States, three years after it exited the market following a high-profile clash with regulators that ended in a $45 million settlement. The company, which was founded by former Bulgarian lawmaker Antoni Trenchev, had been targeted over a crypto lending product that U.S. authorities said should have been registered as a security. Under the settlement, Nexo did not admit or deny the findings.
In its new relaunch, Nexo says it will offer U.S. customers crypto-backed loans and “yield-generating” products, but through a structure it argues is fundamentally different from what regulators challenged before. The company says the earlier product covered by the 2023 enforcement action has been discontinued for U.S. investors. It also emphasizes that the current offering will be delivered through “appropriately licensed” U.S. partners and, where relevant, will include advisory services through an SEC-registered investment adviser. The U.S. Securities and Exchange Commission declined to comment.
A central part of the announcement is Nexo’s partnership with Bakkt, a publicly listed crypto company. That collaboration is presented as a way to re-enter the market while meeting U.S. licensing and compliance expectations—an approach that reflects how crypto firms increasingly rely on regulated intermediaries to provide services in jurisdictions with stricter rules.
Nexo’s co-founder has had public interactions with Donald Trump, including a lunch at Trump’s Scottish golf resort in July, where Trenchev said they discussed politics and a shared vision for crypto in the U.S. Separately, Nexo hosted Donald Trump Jr. at an event in Sofia last April.
Nexo insists these contacts are not the reason for its return, arguing the decision is based on its ability to offer products in a compliant form and that its sponsorships and events are unrelated to its U.S. regulatory status. Still, the relationships add sensitivity as Trump, once a crypto skeptic, reversed course before returning to the White House and U.S. securities and exchange commission (SEC) ended, leading crackdown on crypto firms.
The story situates Nexo’s comeback inside a broader Trump-era expansion of crypto ventures. Some ethics and government experts have raised conflict-of-interest concerns given the overlap between private crypto initiatives and federal crypto policymaking, while the White House has said no conflict exists.
Overall, Nexo is betting that a redesigned product structure, a regulated partner channel, and a friendlier U.S. enforcement climate will allow it to rebuild its American business.
