Crypto lending platform Nexo, previously a market-leader in the space, is returning to the US market, roughly two years after closing services for American clients due to regulatory scrutiny of its Earn Interest Product.
The firm, which offers anywhere from 7-15% savings rates on major cryptocurrencies and currency-pegged stablecoins, revealed its return during a closed-door business event.
(SOURCE)
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Swiss-Based Crypto Lending Firm Returning To President Trump’s Pro-Crypto America
In a recent behind-closed-door business event, Nexo stated its plans to reintroduce crypto savings accounts, asset-backed loans, and other core offerings for retail and institutional customers.
The Zug-based firm left the US market in 2022 while other centralized lenders, such as BlockFi, Celsius, and Voyager, began declaring bankruptcy. While Nexo wasn’t hit with insolvency issues, it gained regulatory attention from the then-Biden administration and Gary Gensler’s SEC.
In late 2022, in response to US regulators’ probes, Nexo began halting access to its Earn Interest Product in several US states.
Its Earn Interest Product was and is used widely worldwide, offering between 7-15% APY on digital assets. Currently, it offers 7% on BTC, 8% on ETH, 16% on USDT, and 15% on GBPx, to name a few.
At the time, agencies such as the Consumer Financial Protection Bureau (CFPB) and the SEC accused Nexo of failing to register the offer and sale of its Earn product to retail clients.
The crypto lending company officially ceased all US operations in December 2022 and, in January 2023, agreed to a $45 million settlement without admitting any wrongdoing.
Nexo’s timing on its plans to return to the US isn’t a coincidence. Gary Gensler’s departure from the SEC, having been replaced by the Pro-crypto Paul Atkins as part of President Trump’s administration, has signaled a shift in crypto oversight in the US.
As a result, there has been a pivot away from the enforcement action style and regulatory uncertainty adopted by former Gensler. The Trump administration has made clear its intentions to reduce regulatory hostility toward crypto, with the President saying he wants the US to become a leading hub for crypto innovation.
BONUS: Solaxy (SOLX) Hits $32m In Presale Funding As It Is Gearing Up To Be One Of The Biggest Token Launches For 2025
Today has seen Solaxy (SOLX) surge past $32m in early-stage funding, cementing itself as one of the most highly anticipated token launches this year.
The hype behind SOLX lies in its use case. It is the first-ever Layer-2 solution built for Solana. While there are dozens of L2s on Ethereum, totalling more than $12 billion in combined market cap and all vying for the same market share, Solaxy is a first-mover.
The unprecedented success of the Solana blockchain over the past five years has also come with some difficulties. Notably, the network’s struggles at times of peak activity have held it back from truly overtaking Ethereum as the number one blockchain.
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Investors clearly agree; to date, they’ve poured in over $32 million to secure a bag of SOLX. Many are likening this investment to being a seed round investor of Polygon (POL) or Optimism (OP), two Ethereum L2s that are both multi-billion dollar tokens.
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Crypto lending firm Nexo returns to the US after two year absence
- Nexo left the US under regulatory scrutiny from the Biden administration
- In 2023, Nexo agreed a $45m settlement with Gary Gensler’s SEC
- The lending platform offer anywhere from 7-15% APY on many major digital assets such as BTC, ETH and USDT
- Solaxy (SOLX) is on course to be one of the biggest token launches this year after smashing $32m in presale funding
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