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• Nexo has announced its re-entry into the U.S. market. 
• This comeback follows its partial exit in late 2022.

After a brief pause, Nexo, a digital wealth platform managing $11 billion in assets, is officially re-entering the U.S. market. Known for its range of services, including high-yield crypto savings accounts, asset-backed credit lines, trading, and liquidity services. 

The announcement was made at a high-profile business event, signalling the company’s strong resolve to continue its expansion in key markets. The event’s influential attendees include Donald Trump Jr. and Israel’s Minister of Innovation, Science, and Technology, Gila Gamliel. 

Furthermore, Antoni Trenchev, Co-Founder of Nexo, spoke about the focus of the company on innovation and mentioned the work they’ve done on regulation over the last months. During his speech, Trenchev stated that America is back, and so is Nexo.

Nexo’s expansion plans in the U.S. were faced with obstacles, culminating in a partial exit in late 2022. The exit involved the deactivation of its Earn Interest product in eight states and the banning of new user registrations in the entire country.

Then, the firm was up against regulatory headwinds, specifically because of the uncertainty in American regulations around crypto products. Yet, following nearly 18 months of best-effort talks with American state and federal regulators, Nexo decided to return, citing its ongoing efforts to meet American financial legislation.

Regulatory Challenges and Nexo’s Continued Efforts

While Nexo is eager to return to the U.S., the company’s journey has faced obstacles. Over the course of its initial U.S. expansion, the platform has faced scrutiny from regulators in several states. Regulators from eight U.S. states, including California, Kentucky, Maryland, New York, Oklahoma, South Carolina, Vermont, and Washington, expressed concerns over Nexo offering interest-earning accounts without properly registering them as securities.

Even with such challenges, Nexo has kept an open line of communication with regulators. In its pursuit to comply with U.S. legislation, Nexo has voluntarily provided information as requested, even modifying its business model in order to tackle regulatory issues. 

The re-entry of Nexo into the U.S. market could boost investor confidence, and its native cryptocurrency, NEXO, has surged by over 9.42%. It trades at around $1.22, with a market cap of $793 million. The daily trading volume has jumped by over 65.46%, reaching $16.93 million.

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