After paying a $45-million settlement in 2023 and exiting the market, Nexo has reentered the US with a redesigned product model focused on regulatory alignment rather than direct yield issuance.

The 2023 crackdown centered on unregistered securities concerns. The SEC alleged that Nexo’s Earn Interest Product functioned as an unregistered security, raising questions about retail yield marketing, transparency, custody practices and counterparty risk.

The new model relies on licensed US partners. Instead of directly offering yield products, Nexo now operates through regulated US intermediaries, including licensed entities and, where required, SEC-registered investment advisers.

The Bakkt partnership anchors the compliance…