Nexo plans to return to the U.S. market after closing it two years ago due to regulatory issues. After paying a hefty fine for running an unregistered lending product, the company now sees a more favourable environment for digital assets. Their co-founder has noted constructive engagement with U.S. regulators and aligned discussions with figures like Donald Trump Jr. No official date has yet been provided for resuming services.
Crypto lender Nexo has announced plans to re-enter the U.S. market, marking a significant shift in strategy as the country becomes more favourable towards digital assets. After halting services two years ago due to regulatory issues, Nexo’s leadership expresses optimism about resuming operations for American customers. The firm’s co-founder, Antoni Trenchev, stated on X that they’re ready to deliver their complete suite of products again once the environment is right.
The company had previously faced major setbacks, including a hefty $45 million fine to the U.S. Securities and Exchange Commission in 2023. This was after allegations surfaced regarding their unregistered crypto lending service, known as the Earn Interest Product (EIP). With a renewed focus, Nexo aims not just to restart operations but also to work collaboratively with U.S. regulators, including the SEC.
Interestingly, this announcement aligns with Nexo’s recent involvement at a crypto conference in Bulgaria, where they hosted Donald Trump Jr. The event titled “Trump Business Vision 2025” highlights the growing intersection between traditional business and the burgeoning crypto sector. Even though Trenchev clarified that Trump Jr.’s presence does not directly influence Nexo’s return, he acknowledged that it promotes dialogue about the importance of cryptocurrency in a future U.S. economy.
During Trump’s presidency, efforts to regulate and embrace cryptocurrencies gained traction, exemplified by an executive order to establish a strategic Bitcoin and crypto reserve. This backdrop may set the stage for Nexo’s anticipated return, offering hope for supporters of cryptocurrency in the United States. However, no specific timeline or date for the resumption of services has been disclosed yet, leaving many in the crypto community eager for further updates.
While the landscape appears increasingly supportive, Nexo’s return is contingent on ongoing discussions with regulators. The company aims to proceed cautiously to ensure that all compliance measures align with U.S. laws while offering innovative solutions to their customers. Investors are urged to exercise caution, as trading and investment in cryptocurrencies can be significantly volatile, and nothing should be taken as financial advice.
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