Crypto services platform Nexo shared its plans to reenter the United States market on Monday, marking the eighth major crypto firm to announce such pl
Crypto services platform Nexo shared its plans to reenter the United States market on Monday, marking the eighth major crypto firm to announce such plans since US President Donald Trump took office at the start of the year.
Firms like Circle, Binance and OKX are banking on favorable regulatory clarity in 2025 to herald their US expansion. Bills like the STABLE Act and the GENIUS Act are advancing in Congress, which, if implemented, will lay the groundwork for swift success.
Trump and his family are actively involved in some of these planned expansions. Nexo’s recent announcement was backed by Donald Trump Jr., who said, “We see the opportunity for the financial sector and want to ensure we bring that back to the US.”
Amid concerns of conflicts of interest and blatant token shilling by the Trump family, it remains to be seen whether these upcoming regulations will adequately protect everyday investors. Regardless, these are the eight firms that have banked on big bucks in the US this year.
Binance.US resumes USD services; CZ seeks clemency
Binance.US officially reinstated USD deposit and withdrawal services less than a month into Trump’s presidency.
They were halted on June 13, 2023, on the back of a civil enforcement action by the Commodity Futures Trading Commission (CFTC), claiming willful evasion of US laws and operating illegally in the country. Binance later settled for $2.7 billion; then-CEO Changpeng Zhao paid $150 million.
Soon after halting USD on- and off-ramps, the Securities and Exchange Commission sued Binance and its then-CEO, Changpeng Zhao, with a lawsuit. The agency claimed Zhao and Binance “engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”
In November 2023, Binance and CZ agreed on a settlement with the Department of Justice that included pleading guilty to federal charges, including violating Anti-Money Laundering laws, a $4.3-billion fine, CZ’s dismissal as CEO and a prison sentence.
Zhao has sought clemency from President Trump, who has pardoned a number of crypto executives.
eToro files for US IPO after 2024 enforcement action
Online trading platform eToro publicly filed its registration statement for a proposed initial public offering (IPO) on the Nasdaq Global Select Market under the ticker symbol “ETOR.” The IPO is anticipated to occur as early as Q2 2025, pending market conditions, with eToro seeking a $4-billion valuation with plans to raise $500 million by offering 10 million Class A shares.
The trading platform ran into some trouble with the SEC in 2024, when the agency claimed eToro “operated an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities.”
As a result, eToro paid a fine and agreed to reduce its crypto offerings for US customers to Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH).
The move signals growing investor confidence in the future of retail cryptocurrency trading platforms in the US as the jurisdiction reorients its rules defining cryptocurrencies and loosens restrictions that made it more difficult for such platforms to receive banking services.
OKX relaunches in the US months after $500-million settlement
OKX, a major global cryptocurrency exchange, announced its reentry into the US market in April 2025. The company is implementing a phased rollout plan throughout the year and has established a new regional headquarters in San Jose, California. The firm also named Roshan Robert, recently of Barclays, as head of its US operations.
The relaunch comes just months after the firm announced a settlement with the US Department of Justice (DOJ). US attorneys alleged that the platform “knowingly violated anti-money laundering laws and avoided implementing required policies to prevent criminals from abusing our financial system” for over seven years.
OKX paid a hefty $500-million fine, pleaded guilty to operating an unlicensed money-transmitting business, and agreed to pay for an external compliance consultant. In a statement, OKX said, “There were no allegations of customer harm, no charges against any Company employee and no government appointed monitor as part of the settlement.
Related: OKX to restart DEX with anti-abuse upgrades after Lazarus ‘misuse’
Robert told Fortune that the firm was ramping up its compliance and risk management infrastructures ahead of the relaunch.
He also cited the improving regulatory landscape as a contributor to the relaunch. “The rulemaking will take some time, but there is a path that we can see,” he said.
Nexo returns to US markets after deadlock with regulators
Nexo, a global digital assets wealth platform, announced its return to the US market on April 28, 2025, at an event in Sofia, Bulgaria. According to industry…
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