The company, co-founded by former Bulgarian lawmaker Antoni Trenchev, reached a settlement in 2023 with the U.S. Securities and Exchange Commission over its crypto lending product. The SEC had alleged the product should have been registered as a security. Nexo neither admitted nor denied the agency’s findings as part of the agreement and discontinued the product for U.S. investors.
In its statement Monday, Nexo said it is returning to the U.S. market through a partnership with publicly listed crypto firm Bakkt. The company plans to offer crypto-backed loans and yield-generating products to American customers.
“Nexo discontinued the product covered by the 2023 SEC order for U.S. investors as required,” a company spokesperson said, adding that the new U.S. offerings are structured differently and delivered via “appropriately licensed U.S. partners,” including, where applicable, an SEC-registered investment adviser.
A spokesperson for the SEC declined to comment on the relaunch.
Political Connections Draw Scrutiny
Nexo’s return comes amid renewed debate over cryptocurrency regulation and political ties within the sector.
Trenchev had lunch with U.S. President Donald Trump in July at the president’s Scottish golf resort, where Nexo served as the lead sponsor of a golf championship. Trenchev later wrote on social media that the two discussed politics and their “joint vision for crypto in the U.S.”
Once openly skeptical of cryptocurrencies, Trump shifted his stance before returning to the White House. Following his inauguration last year, the SEC moved to end a years-long enforcement drive targeting crypto companies.
Nexo also hosted Donald Trump Jr., the president’s eldest son, at a “Trump Business Vision 2025” event in Sofia last April.
Asked whether those contacts influenced the company’s U.S. return, Nexo said the move was based solely on regulatory compliance.
“Our return to the U.S. is based on our ability to offer products in a compliant structure,” the spokesperson said. “Our sports partnerships and event participation are not connected to our regulatory or operational status in the U.S.”
Meanwhile, the Trump Organization has expanded into digital assets through its crypto venture, World Liberty Financial, contributing to a sharp rise in family business income.
Some government and ethics experts have raised concerns that the Trump family’s crypto initiatives could present conflicts of interest as the administration oversees U.S. digital asset policy. The White House has rejected those claims, stating that no conflict exists.
Nexo’s re-entry underscores the rapidly evolving regulatory and political landscape for cryptocurrencies in the United States, as firms reassess opportunities in a market that remains both lucrative and closely scrutinized.