Crypto lender Nexo has returned to the U.S. market after leaving in 2022 due to regulatory friction.
The move to start operating in the U.S. market once again comes as the Trump administration makes for a more favorable environment for innovation, says Nexo co-founder Antoni Trenchev.
Nexo has said it manages over $11 billion in assets and plans to offer its complete range of services to U.S. retail and institutional clients as part of the return. These include high-yield savings products, asset-backed credit lines and advanced trading solutions.
Trenchev, speaking alongside Donald Trump Jr.—the president’s son—at a Bulgarian press event on Sunday, said: “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 originally withdrew from the U.S. in the second half of 2022 after it failed in negotiations with state and federal regulators over its Earn Interest Product. This was also at a time when crypto exchange FTX had just collapsed and a crackdown on crypto lenders was allegedly in effect.
After several enforcement actions, in both New York and California, Nexo withdrew from the U.S. saying it was an “impossible environment” to operate within and that attempts to negotiate led to a “dead end.”
The specifics on exactly what the Trump administration has changed to make it more welcoming are less clear. Trenchev said, at the event, “America is back and so is Nexo.”
Nexo underwent a major rebrand, as reported in October 2024, as it moved from being a crypto lender to “the first comprehensive and compliant digital assets wealth platform.”
“Our ‘Wealth Forward’ philosophy positions us as the first major crypto company to make a strategic move to a comprehensive digital asset wealth platform. We focus on providing independent, savvy investors with smarter and more flexible ways to grow and access their wealth in the digital asset space,” said Kosta Kantchev, Co-founder and Executive Chairman of Nexo.
Edited by Stacy Elliott.
Editor’s note: This story was updated after publication to clarify that Donald Trump Jr. appeared at the Nexo event, not President Donald Trump.
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