Overview
- Nexo is relaunching U.S. services on Bakkt’s trading infrastructure, offering fixed and flexible yield accounts, an integrated exchange, crypto-backed credit lines, and fiat rails via ACH and wire.
- The U.S. offering is delivered through licensed service providers, with certain services available via a third-party, SEC-registered investment adviser, according to the company.
- Nexo says the relaunch is distinct from its discontinued Earn Interest Product, which was the subject of a 2023 SEC cease-and-desist order resolved with a $45 million settlement without an admission of wrongdoing.
- California’s Department of Financial Protection and Innovation last month fined Nexo $500,000 for more than 5,000 unlicensed loans to residents, a finding the company said does not reflect current operations.
- The firm cites $11 billion in assets under management and $371 billion in transactions processed to date as it resumes U.S. operations within a broader global expansion strategy.