Why Nexo Is Reentering the US After the 2023 Crypto Lending Crackdown

Three years after paying a $45 million settlement and exiting the US retail market, Nexo has formally returned. This comeback is not a simple relaunch but a structural overhaul: the product has been redesigned to prioritize regulatory alignment rather than direct yield issuance to US investors.

The 2023 enforcement action focused on Nexo’s Earn Interest Product, which the SEC alleged functioned as an unregistered security. Regulators’ broader concerns followed major lending failures and highlighted liquidity mismatches, rehypothecation risks, limited transparency about returns and retail exposure to opaque yield structures.

Nexo’s 2026 model relies on licensed US partners and, where required, an SEC-registered investment adviser, with the original product addressed in the 2023 order phased out.

United States

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