Nexo Returns to U.S. After 3-Year Exit: Has Regulation Really Changed?

$11 billion in assets under management. That's what Nexo brings back to the U.S. market after a three-year regulatory exile that the company once called a "dead end."

The Great Crypto Exodus of 2022

When Nexo pulled out of the U.S. in late 2022, it wasn't alone. The crypto winter had arrived, and regulatory heat was intensifying. State regulators in California and New York had targeted Nexo's Earn Interest Product, treating it as an unregistered security. The company's response was blunt: America had become an "impossible environment."

Fast-forward to 2026, and suddenly that impossible environment looks navigable again. Nexo credits the Trump Administration's crypto-friendly policies for its return, partnering with U.S.-based Bakkt to power its trading infrastructure and compliance framework.

Playing by New Rules (Or Are They?)

Nexo's comeback strategy centers on regulatory compliance. Gone are the days of operating in gray areas. The platform now offers fixed and flexible yield programs, crypto-backed credit lines, and fiat on/off-ramps through ACH and wire transfers—all within what it calls a "compliant framework."

But here's the million-dollar question: What's actually changed? The same Earn Interest Product that got Nexo in trouble three years ago remains controversial. Other platforms offering similar yield products continue to face scrutiny. The difference might be less about regulatory clarity and more about political appetite for enforcement.

Winners and Losers in the New Landscape

For crypto users, Nexo's return means more options—potentially. The platform's $371 billion in processed transactions speaks to real demand for its services. Institutional clients, in particular, have been waiting for regulated alternatives to traditional custody and lending.

But there's a flip side. Nexo's ability to weather regulatory storms and return with backing from established players like Bakkt highlights a troubling trend: only well-capitalized platforms can afford the compliance costs. Smaller competitors either exit or get acquired, potentially reducing innovation and consumer choice.

The Global Chess Game

Nexo frames its U.S. return as part of a broader global expansion, including its acquisition of Argentina's Buenbit and high-profile sponsorships like the ATP Dallas Open. The message is clear: America is just one piece of a global puzzle.

Yet the U.S. market remains uniquely important. It's where institutional money flows, where regulatory precedents get set, and where crypto legitimacy is ultimately won or lost. For Nexo, success in America isn't just about revenue—it's about credibility.