Nexo Taps Bakkt For US Return Three Years After SEC Settlement Over Lending Product
Nexo has resumed operations in the U.S., relaunching its Yield, Exchange Loyalty, and Credit Lines products, after a $45 million settlement with the SEC for failing to register its Earn Interest Product. The relaunch follows Nexo’s withdrawal from the U.S. in 2022 amid regulatory pressures, and the company now claims to operate within a compliant framework using infrastructure from Bakkt. Nexo’s offerings allow customers to trade cryptocurrencies, earn rewards, obtain crypto-backed credit lines, and accrue yield on digital assets. The company states the relaunch products differ from its previously discontinued offerings and are structured via licensed U.S. partners. Recently, Nexo was fined $500,000 in California for unlicensed loans, but asserts this does not reflect its current operations. Nexo manages $11 billion in assets and cites long-term commitment to evolving regulatory environments in the U.S. The return was announced at a prominent event where Donald Trump expressed support for the crypto industry’s domestic growth.
