Cryptocurrency lender Nexo restores operations in the U.S. market, aligning with recent shifts in regulatory frameworks.
Blockchain heavyweight Nexo returns to the US after a regulatory pivot
Nexo, the $11 billion digital asset powerhouse, is gearing up to make its return to the US following a hasty exit in late 2022 thanks to changes in crypto regulations under the previous administration.
Why Nexo's U-turn Matters
Nexo co-founder Antoni Trenchev announced the decision during a swanky business event attended by none other than Donald Trump Jr., a vocal digital asset supporter. The gathering embodied the burgeoning political backing for crypto in the US.
"Yankee Doodle Nexo's back! Credit the visionary guts of President Donald J. Trump and his team, who understood that America's economy thrives on fostering innovation, not strangling it. Nexo is poised to conquer the States again, tougher, smarter, and ready to claim the crown," Trenchev declared.
Donald Trump Jr. echoed these sentiments, stating:
"Crypto's the future of finance. Let's bring this genius back to America's shores to defend our economic dominance."
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Over the last week, the Nexo network's native token, NEXO, skyrocketed by over 12%, with positive sentiments mounting today after the news. Its market cap now stands at $1.2 billion.
Nexo: Pioneer of Crypto Lending
Established since 2018, Nexo has processed over $320 billion in transactions. The platform was forced to leave the US in 2022 due to regulatory pressure, with the SEC and several states (New York, Kentucky, and Vermont) issuing allegations of offering unregistered securities through its Earn Interest products. The crypto lender eventually coughed up a $45 million fine and ceased operations for US customers.
Yet, with an apparently friendlier regulatory climate, Nexo's return represents a significant breakthrough, aiming to reinforce its mission of equipping users with the tools to grow and secure their crypto wealth.
Trump's leadership has been billed as welcoming crypto innovation, potentially paving the way for renegade platforms like DWF Labs to re-enter the market. Earlier this year, the TON Foundation even hinted at a major US expansion, citing the changing crypto regulatory landscape[2].
Brace for More Entrants
In January, TON Foundation shared plans for a major US expansion[3], and it's only a matter of time before more exciting players follow suit. So if you're an investor or enthusiast in the crypto sphere, buckle up - the US market is about to be shaken up!
- Nexo's announcement of its return to the US signals a significant shift in the crypto landscape.
- The decision was made following changes in crypto regulations, a move attributed to the visionary approach of President Donald J. Trump's administration.
- Antoni Trenchev, Nexo's co-founder, declaratively stated that the company is ready to reclaim its position in the US, having learned from the past.
- Donald Trump Jr., a vocal digital asset supporter, expressed his support for Nexo's return, noting the importance of crypto in the future of finance.
- With the return of Nexo, US customers now have access to services like Boosted Yield Crypto Accounts, Secured Asset-backed Credit Lines, and Advanced Trading Platforms.
- The native token of the Nexo network, NEXO, has witnessed a 12% surge over the last week, and its market cap now stands at $1.2 billion.
- Established in 2018, Nexo has processed over $320 billion in transactions, and its return signifies a reinforced commitment to equip users with tools to grow and secure their crypto wealth.
- Trump's leadership is seen as facilitative of crypto innovation, potentially encouraging other renegade platforms like DWF Labs to re-enter the market.
- The crypto sphere is anticipating more entrants to the US market, with the TON Foundation's plans for major US expansion already in motion, as hinted earlier this year.
