Crypto lender Nexo is set to restart its operations in the United States, marking a significant return two years after reaching a $45 million settlement with the SEC.
Nexo, a cryptocurrency lending firm, is returning to the United States almost two years after resolving a $45 million penalty with the U.S. Securities and Exchange Commission regarding its unregistered lending product.
On Monday, Nexo made a significant announcement, stating that retail and institutional clients in the U.S. will gain access to its products. These offerings include high-yield crypto savings accounts, asset-backed credit lines, advanced trading options, and institutional-grade liquidity solutions.
Nexo has returned following its settlement with the U.S. Securities and Exchange Commission in January 2023. This settlement came after the Commission charged the company for not registering its Earn Interest Product, a crypto lending service aimed at U.S. investors. Nexo neither admitted nor denied any wrongdoing as part of the settlement agreement.
The company encountered further legal obstacles. In early 2024, Reuters reported that Nexo sought to recover $3 billion from a halted criminal investigation. This situation has hindered its ambitions for a U.S. stock market listing and a football sponsorship agreement. Nexo representatives asserted that the ongoing investigation has adversely affected the company’s reputation and significantly diminished shareholder value.
In January 2023, prosecutors raided Nexo’s offices, alleging that the platform involved money laundering, tax offences, and computer fraud from 2018 through January 2023. Nexo’s management has refuted all allegations made against the company.
In December 2023, the Bulgarian Prosecutor’s Office announced the closure of a criminal case, citing a lack of evidence for money laundering, tax evasion, or any other criminal activities.