TLDR
Nexo is reentering the US market by offering services through a regulated partner, Bakkt, after settling past SEC charges and exiting the country.
- Nexo will again offer crypto-backed loans and yield products in the US via a partnership with listed crypto firm Bakkt.
- The move signals a friendlier US regulatory climate for some crypto lending models, but products are structured differently from Nexos banned 2023 offering.
- Political ties around Nexos return raise conflict-of-interest concerns, so users should watch how regulators supervise these products over time.
Deep Dive
1. What Nexo Is Doing And With Whom
According to a detailed report, Nexo is returning to the US three years after exiting and paying a 45 million dollar fine to settle SEC and state allegations that its interest-bearing product was an unregistered security, without admitting or denying findings.
Nexo will now serve US customers through a partnership with Bakkt, a publicly listed US crypto firm, offering crypto-backed loans and yield-generating products again to American users through licensed intermediaries rather than directly. The company says it discontinued the product that was covered by the 2023 SEC order for US investors and is restructuring offerings around appropriately regulated US partners, including SEC-registered investment advisers where applicable.
US users may regain access to Nexo-style lending and yield, but with Bakkt and other regulated entities sitting between them and Nexos core business.
2. Why This Matters For US Crypto And Regulation
Nexos ability to reenter the US, with similar services but new structuring, suggests regulators are open to crypto lending when it is wrapped in existing securities and advisory frameworks rather than run as an unregistered yield program.
For the market, this could increase competition for firms like Coinbase, Gemini and others that offer staking or yield-like products, and may normalize the idea that crypto interest accounts can operate if plugged into licensed US entities rather than offshore structures.
If this model works, other lending and yield platforms could follow a partnered and registered path instead of abandoning the US entirely.
3. Political Links And Risks To Watch
The report highlights that Nexo cofounder Antoni Trenchev met President Donald Trump at a golf event sponsored by Nexo, and Nexo also hosted Donald Trump Jr. at a separate event, while Trumps own crypto company, World Liberty Financial, has grown its income.
Nexo says its US return is driven by compliance, not political connections, but some experts worry about real or perceived conflicts of interest as the administration shapes US crypto policy. The White House denies any conflict.
Users should treat the products on their legal and economic merits, and watch for future regulatory guidance or enforcement that would confirm whether this approach is seen as fully compliant.
Conclusion
Nexos US comeback through Bakkt combines a new regulatory structure with a more welcoming policy environment, reopening yield and lending options that had been shut down in the previous enforcement cycle. If regulators tolerate this partner-based model, it could become a template for other crypto lenders, but political optics and evolving rules mean ongoing oversight and product diligence remain important.
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