Key Takeaways:
- Nexo returns to U.S. market after three years, partnering with Bakkt.
- Relaunch offers crypto-backed loans and yield-generating products for Americans.
- Services delivered through regulated U.S. partners to align with requirements.
Crypto lending platform Nexo has relaunched in the United States, three years after exiting the market and paying a $45 million fine, and is doing so in partnership with Bakkt (BKKT), as reported by Reuters. The companyโs U.S. offering includes cryptoโbacked loans and yieldโgenerating products, according to the same report.
The formal return is being executed with regulated partners in the United States, according to Business Wire. That structure is intended to align product access with applicable U.S. requirements.
Nexoโs earlier U.S. Earn Interest Product (EIP) drew enforcement in 2023; the company agreed to pay a $22.5 million penalty and to cease its unregistered offer and sale of the EIP to U.S. investors, according to the U.S. Securities and Exchange Commission (SEC). Those actions frame the firmโs current posture, which emphasizes registered or licensed channels and the discontinuation of the prior EIP in the United States.
As part of the relaunch, Nexo says it is delivering services through appropriately licensed U.S. intermediaries and registered advisers where required to comply with securities laws. โThe U.S. offering is being delivered through partnerships with appropriately licensed U.S. service providers,โ said Eleonor Genova, Head of Communications at Nexo, as reported by Cointelegraph.
State-level oversight also features in the history shaping Nexoโs approach. Californiaโs Department of Financial Protection and Innovation (DFPI) secured $500,000 in penalties after finding Nexo originated 5,456 loans for California residents without a valid license between 2018 and 2022, according to DFPI.
At the time of this writing, broader equities were steady, with the FTSE 100 at 10,473.69 at the close on Feb. 16, up 0.26%, based on data from Yahoo Finance UK. While not specific to digital assets, this backdrop provides neutral context for risk sentiment around relaunches like Nexoโs.
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