Crypto lender Nexo is returning to the United States, nearly two years after it agreed to pay a $45 million settlement to the Securities and Exchange Commission (SEC) over its unregistered lending products.
On Monday, Nexo announced via X that retail and institutional clients in the U.S. now have access to its complete range of services. These services include high-yield cryptocurrency savings accounts, asset-backed credit lines, advanced trading tools, and liquidity solutions specifically designed for institutional investors.
Nexo’s return to the American market follows a January 2023 settlement with the SEC, which charged the company for offering its Earn Interest Product without proper registration. Although Nexo agreed to pay the fine, it did not admit or deny any wrongdoing as part of the settlement.
The crypto lender’s regulatory troubles extended beyond the SEC. In early 2023, Nexo’s offices were raided by prosecutors who accused the company of money laundering, tax violations, and computer fraud dating back to 2018. However, after months of investigation, Bulgarian authorities announced in December 2023 that no evidence of criminal activity had been found, leading to the closure of the case.
Despite clearing its legal slate, Nexo faced significant setbacks. According to a Reuters report, a stalled criminal investigation derailed the firm’s ambitions for a U.S. stock market listing and a major soccer sponsorship deal, with company executives claiming it caused substantial reputational damage and shareholder losses.
With its legal battles behind it, Nexo is positioning itself to reestablish its footprint in the U.S. crypto market. It resumed accepting new registrations from clients in the U.K. on April 24, 2024.
The company had suspended new U.K. sign-ups ten months earlier to align with the Financial Conduct Authority’s (FCA) investor protection guidelines. The measures required the addition of specialized risk warnings for U.K. clients and the introduction of mandatory investor categorization and appropriateness assessments.
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