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Nexo Partners with Bakkt for US Crypto Exchange and Yield Programs

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Nexo Partners with Bakkt for US Crypto Exchange and Yield Programs

TLDR

  • Nexo is relaunching its crypto services in the United States after more than three years of absence.
  • The platform will offer yield programs, a spot exchange, and crypto-backed credit lines to US users.
  • Nexo has partnered with Bakkt to provide the trading infrastructure for its US operations.
  • The company’s return is driven by improved regulatory clarity for digital assets in the US.
  • Nexo’s new US operations will be based in Florida and run by an announced management team.

Crypto platform Nexo is set to return to the United States after more than three years. The company paused its operations in 2022 due to regulatory concerns. Now, with clearer guidelines in place, Nexo aims to offer crypto services including yield programs, a spot exchange, and more.

Nexo Partners with Bakkt for Trading Infrastructure

Nexo’s trading infrastructure will be powered by Bakkt, a US-based digital asset platform. Bakkt primarily serves institutional clients but will help Nexo build its new US offering. Eleonor Genova, Nexo’s head of communications, confirmed that the platform will provide both flexible and fixed-term yield programs.

The platform will also feature crypto-backed credit lines and a loyalty program for US customers. Nexo’s management team will operate the new venture from Florida, with plans to announce the team soon. Genova emphasized that all services will be offered through partnerships with licensed US providers.

After leaving the US market in late 2022, Nexo now sees improved regulatory clarity for digital assets in the country. The company originally withdrew due to what it called an unfriendly regulatory environment under former SEC chair Gary Gensler. Nexo’s “Crypto Earn” program, which lets users earn interest on their crypto holdings, was a key issue in the company’s exit.

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Nexo settled with the SEC in 2023, agreeing to pay $45 million for failing to register its interest-bearing program. The company later shut down the program for US users, marking the end of its earlier US operations. Despite these setbacks, Nexo now believes the regulatory landscape is more favorable for blockchain businesses.

Nexo’s Relaunch and US Crypto Regulatory Landscape

Nexo’s return comes as the US continues to work on crypto regulations. The House recently passed the CLARITY Act, but the Senate has yet to move it forward. Patrick Witt, a White House crypto advisor, called for compromises to pass crypto-related legislation before the 2024 elections.

This renewed effort to regulate crypto coincides with Nexo’s own regulatory framework. Genova stated that the new US operations are compliant with US securities laws. The company hopes to provide a stable platform for crypto users amid ongoing regulatory discussions.

Nexo’s rebooted platform will rely on third-party advisory services registered with the SEC. This ensures that the services offered are in line with applicable securities laws. The crypto exchange aims to establish itself as a trusted platform for US users after its previous exit.

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Crypto World

Binance Rejects Claims of Iran-Linked Transactions and Staff Firings

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Binance Rejects Claims of Iran-Linked Transactions and Staff Firings

Crypto exchange Binance pushed back against a recent report by Fortune, rejecting allegations that it enabled sanctions-violating transactions tied to Iran and fired compliance investigators who raised concerns.

Fortune reported Friday that internal investigators at Binance discovered more than $1 billion in transfers linked to Iranian entities moving through the platform between March 2024 and August 2025. The transactions were said to involve Tether’s USDt (USDT) stablecoin on the Tron blockchain.

Citing unidentified sources, the report claimed that at least five investigators, several with law-enforcement backgrounds, were later fired after documenting the activity. The outlet also reported that additional senior compliance staff had departed the company in recent months.

Binance disputed the characterization in a formal response. “This is categorically false. No investigator was dismissed for raising compliance concerns or for reporting potential sanctions issues as there are no violations,” the exchange wrote in an email shared by CEO Richard Teng.

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Binance’s response to Fortune report. Source: Richard Teng

Binance denies sanctions violations after internal review

Binance said it conducted a full internal review with outside legal advice and found no evidence it had violated applicable sanctions laws in connection with the referenced activity. It also rejected the suggestion that the exchange failed to meet its regulatory obligations under ongoing oversight.

Related: Binance confirms employee targeted as three arrested in France break-in

The dispute lands as Binance remains under heightened scrutiny since its 2023 settlement with US authorities in which it agreed to pay $4.3 billion for Anti-Money Laundering (AML) and sanctions violations. Founder Changpeng Zhao stepped down as CEO and later served a four-month prison sentence. Binance also agreed to being monitored and pledged to strengthen compliance controls.

Binance denied claims it is failing to meet regulatory obligations, saying it continues to cooperate under monitoring and oversight requirements. “The article suggests that Binance is “reneging” on its regulatory obligations. This assertion is false,” the exchange said.

Binance acknowledged Cointelegraph’s request for comment, but had not responded by publication.

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Related: Binance completes $1B Bitcoin conversion for SAFU emergency fund

FT report questions Binance compliance controls

A December report by the Financial Times also claimed that Binance allowed a group of suspicious accounts to move significant sums through the exchange even after its US criminal settlement in 2023. Internal data reviewed by the publication showed 13 such user accounts had about $1.7 billion in transactions since 2021, including about $144 million after the plea agreement.