Nexo returns to the U.S. after leaving in 2022, citing a more favourable environment post-Trump policies. The lender plans to offer a full range of services, managing $11 billion in assets. This follows challenges with U.S. regulators during its previous operations. Nexo has also rebranded itself into a comprehensive digital assets wealth platform.
Nexo, a prominent cryptocurrency lender, has made a comeback to the U.S. market. This follows its withdrawal in 2022, which was largely due to complications with regulatory bodies. According to Nexo co-founder Antoni Trenchev, the return is enabled by what he described as a more crypto-friendly environment under the Trump administration, fostering innovation instead of shutting it down.
As Nexo re-establishes its operations in the U.S., it boasts management of over $11 billion in assets, aiming to provide a full suite of services. This includes high-yield savings options, asset-backed credit lines, and sophisticated trading solutions for both retail and institutional clients. Trenchev articulated Nexo’s plans at a Bulgarian press event, where he shared the stage with Donald Trump Jr., emphasising a renewed spirit in the U.S. that nurtures innovation.
The lender’s exit in late 2022 came after difficulties negotiating with U.S. regulators over their Earn Interest Product, compounded by the fallout from FTX’s collapse and a general clampdown on crypto lenders. After several enforcement actions particularly in New York and California, Nexo described the regulatory landscape as “impossible” for business.
What specific changes in the Trump administration have contributed to this more welcoming environment remains somewhat vague. Trenchev optimistically declared that “America is back, and so is Nexo,” signalling confidence in the future operations.
In a significant strategic shift, Nexo has also revamped its brand into what it calls the first comprehensive and compliant digital assets wealth platform. Kosta Kantchev, co-founder and Executive Chairman, highlighted their new ‘Wealth Forward’ philosophy, aiming to empower savvy investors with innovative and flexible wealth management solutions in the digital asset arena.
Editor’s Note: This article was updated to clarify that Donald Trump Jr. attended the Nexo event, not former President Trump.
