Nexo Returns to US Market With Bakkt Partnership After Three-Year Absence

Nexo, one of the largest crypto lending platforms globally, has officially re-entered the United States market after a two-year absence. The company announced a strategic partnership with Bakkt Holdings, the Intercontinental Exchange-backed digital asset platform, to offer crypto trading and custody services to American customers. The move marks a significant moment for both companies and signals growing confidence in the evolving US regulatory environment.

Why Nexo Left the US Market

Nexo withdrew from the United States in December 2023 following a $45 million settlement with the Securities and Exchange Commission and state regulators over its Earn Interest Product. At the time, the SEC argued that Nexo's yield-bearing product constituted an unregistered securities offering. Rather than restructure its products under the existing regulatory uncertainty, Nexo chose to exit the market entirely and focus on its European and Asian operations.

During its absence, Nexo continued expanding internationally, securing licenses in multiple European jurisdictions under MiCA regulations and growing its user base to over 7 million customers worldwide. The company maintained that it always intended to return to the US once regulatory clarity improved.

The Bakkt Partnership Structure

Under the new partnership, Bakkt will serve as the regulated infrastructure layer for Nexo's US operations. Bakkt provides the custody, trading execution, and compliance framework, while Nexo handles the customer-facing platform and product experience. This arrangement allows Nexo to operate within established regulatory guardrails without needing to independently secure all necessary state and federal licenses from scratch.

Bakkt's existing licenses cover money transmission in most US states, and the company holds a New York BitLicense through its subsidiary Bakkt Crypto Solutions. This regulatory coverage gives the partnership immediate access to a broad US customer base. Initial offerings will include spot trading for Bitcoin, Ethereum, and approximately 30 other digital assets, with plans to expand into lending and yield products pending further regulatory approvals.

Market Impact and Competitive Positioning

The return of Nexo adds another well-capitalized competitor to the US crypto market at a time when major exchanges like Coinbase and Kraken are expanding their product suites. Nexo's strength has always been its lending and borrowing products, which allow users to take out loans against their crypto holdings without triggering taxable events. If the company can reintroduce these services in the US, it would differentiate itself from platforms primarily focused on spot trading.

For Bakkt, the partnership represents a crucial revenue diversification. The company has struggled with declining trading volumes and reported significant losses in recent quarters. Partnering with Nexo provides a steady stream of infrastructure fees and positions Bakkt as a behind-the-scenes technology provider rather than a direct-to-consumer platform, a model that may prove more sustainable long-term.

Industry analysts view the partnership as a template for how international crypto companies can re-enter the US market by leveraging existing regulated entities rather than building compliance infrastructure independently. This approach reduces time-to-market and regulatory risk significantly.

Regulatory market Shifts

Nexo's return coincides with a broader thaw in US crypto regulation. The SEC under new leadership has adopted a more collaborative approach with industry participants, launching multiple roundtable discussions and providing clearer guidance on token classifications. The passage of stablecoin legislation and ongoing work on comprehensive crypto market structure bills have created an environment where companies feel more comfortable committing resources to US operations.

Several other international crypto firms are reportedly exploring similar US re-entry strategies, suggesting that Nexo's move could be the first of many. The combination of regulatory progress and significant market opportunity makes the US an increasingly attractive market for global crypto businesses that previously retreated during the enforcement-heavy period of 2023 and 2024.

What Comes Next for Nexo

Nexo has outlined an aggressive product roadmap for its US return. Beyond basic trading, the company plans to introduce its signature crypto-backed credit lines, a debit card program, and institutional prime brokerage services. The timeline for these products depends heavily on regulatory approvals, but Nexo executives have indicated that initial conversations with regulators have been productive.

The company is also investing heavily in compliance technology, including enhanced KYC and AML systems specifically designed for the US market. Nexo has committed to maintaining separate US customer funds in domestically regulated custodial accounts, addressing one of the key concerns that led to regulatory action against other crypto platforms in previous years.