In a significant development for the cryptocurrency sector, Bulgarian firm Nexo has announced its plans to re-enter the American market during a private business forum held in Sofia in April 2025, attended by Donald Trump Jr. Co-founder Antoni Trenchev proclaimed, “America is back, and so is Nexo.” The company’s return to the U.S. is set for 2026 through a collaboration with Bakkt, a fintech entity listed on the New York Stock Exchange. Nexo attributes this comeback to enhanced regulatory clarity in the digital asset industry rather than any political affiliations.
The Sofia event convened 250 influential Bulgarian business figures and international guests from investment, innovation, and policy sectors, fostering discussions on global market trends and Nexo’s expansion plans. Notable speakers included Trenchev, Trump Jr., and Israeli Minister Gila Gamliel, with Trenchev emphasizing the spirit of U.S. innovation and detailing Nexo’s strategy for re-establishing its presence in the American market. The company insists that this announcement was part of its global communications strategy, separate from any involvement of the Trump family.
Nexo has also secured a three-year partnership with the DP World Tour, starting in 2027, to serve as its Official Digital Wealth Partner. This eight-figure deal encompasses a minimum of 18 tournaments across various countries, including Scotland, the UK, and Dubai. This initiative is part of Nexo’s broader marketing strategy, which includes sponsorships of key sporting events such as the BMW PGA Championship and the Australian Open, aimed at enhancing its brand visibility in crucial international markets. Importantly, the company claims it has no financial ties to the Trump family.
This announcement marks a notable recovery for Nexo, which faced significant challenges just two years earlier when Bulgarian prosecutors raided its offices and charged several executives.
Founding and Internal Disputes
Nexo was established in late 2017 and raised $52 million via an initial coin offering (ICO) in April 2018. The company was co-founded by Trenchev, who had recently completed a term as a Bulgarian MP; Kosta Kanchev, who previously worked with loan company Credissimo; and Georgi Shulev, the son of a former Bulgarian minister. However, tensions arose between the co-founders, leading to Shulev’s termination in September 2019. This internal rift resulted in ongoing disputes, particularly regarding the ownership of Nexo’s diverse entities across various jurisdictions, such as Nexo Capital Inc. in the Cayman Islands and Nexo Financial in the U.S.
Challenges such as these have surfaced in several legal battles, including a case involving the Morton family from Ireland, who accused Nexo of mishandling their assets worth approximately $126 million. Nexo deemed the lawsuit opportunistic and reached an out-of-court settlement in June 2025. The firm claims the claimants were experienced investors who had generated significant returns prior to withdrawing their investments.
The disputes between Shulev and the remaining founders have been intensely personal, centering around assets in a BitMEX trading account valued at hundreds of millions and other crypto holdings. In 2022, a UK High Court ruled in favor of Nexo regarding the ownership of the BitMEX account, reaffirming a previous settlement that required Shulev to relinquish any claims. Additional disagreements over various issues have persisted, with Shulev alleging threats from Trenchev, which Trenchev has denied.
Shulev’s communications to Nexo employees further fueled allegations regarding the company’s management, claiming that Kanchev is the true driving force behind Nexo, while others merely hold titles. He also accused Nexo of being involved in a 2020 report that labeled another crypto firm, Chainlink, as a scam. Nexo has rejected these claims and pointed to its overall client satisfaction rate, which exceeds 7 million globally, as evidence of its commitment to compliance and operational standards.
Regulatory Challenges in the United States
As these domestic issues unfolded, Nexo proactively exited the U.S. market in December 2022 due to inconsistent regulatory environments at both federal and state levels. This move was aligned with Nexo’s dedication to regulatory transparency and compliance. In January 2023, the company reached a notable settlement with the U.S. Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) to pay $45 million over its Earn Interest Product (EIP), which was deemed an unregistered security. This resolution allowed Nexo to continue its operations without a formal ban in place.
Despite the hefty penalties, Nexo framed the settlement as a necessary step toward advancing its business interests. Investigations had revealed that, by mid-2022, American users held nearly a billion dollars in deposits with Nexo, raising safety concerns and drawing scrutiny from regulators. Meanwhile, Nexo had acquired a stake in a regional bank in Wyoming, but those plans were postponed amid the investigations.
Legal Troubles in Bulgaria
In early 2023, the Bulgarian prosecutor general’s office conducted a raid on Nexo’s headquarters, initially without naming the company. The operation, described as international, led to serious charges against several executives, including Trenchev and Kanchev, who were abroad at the time. Nexo labeled these allegations as politically motivated, asserting that it had ceased operations in Bulgaria and was unfairly targeted by a biased media landscape.
Subsequent revelations indicated that the prosecutor’s office lacked substantial evidence against Nexo. The investigation eventually concluded with the Sofia City Prosecutor’s Office dismissing all charges by December 2023, citing the absence of a legal framework governing crypto services in Bulgaria. Nexo has since filed a $3 billion arbitration claim against Bulgaria, arguing that the wrongful prosecution inflicted significant reputational damage and lost opportunities.
As of late 2023, the Bulgarian prosecutor’s office officially announced the closure of its investigation into Nexo, while the company seeks compensation for the fallout from the legal ordeal.
Return to the U.S. Market
The resolution with U.S. regulators has allowed Nexo to refocus on its global growth strategy. In Bulgaria, Nexo’s connections to high-profile events have shifted public perception, particularly after a conversation between Trump Jr. and Bulgarian political leader Boyko Borissov just hours before the April 2025 event. Political commentators noted a stark contrast to previous criticisms from GERB party members.
This change in sentiment may also stem from Nexo’s substantial arbitration claim against the state. However, lingering questions about Nexo’s business model, including whether it operates as a bank requiring specific licenses, continue to fuel discussions in the crypto community regarding regulation and compliance in cross-border operations.
Industry Context and Controversies
The narrative surrounding Nexo underscores the volatile landscape of the cryptocurrency industry, characterized by rapid growth amid regulatory uncertainty, intricate corporate structures, and significant legal disputes. Nexo provides a range of services, including crypto-backed loans, interest-bearing accounts, and trading options, claiming peak assets under management exceeding $8 billion. Although revenue figures remain undisclosed, prior reports indicate considerable activity in deposit products.
In its relatively short history, Nexo has encountered a spectrum of challenges, from allegations tied to price manipulation of other cryptocurrencies to criticism over client position liquidations during the 2020 market downturn. As Nexo resumes its U.S. ambitions and continues to engage in international sponsorships, it strives to position itself as a compliant entity within the evolving regulatory landscape. However, its Bulgarian origins and complex past continue to attract scrutiny from both observers and regulatory bodies.
In summary, the relationship between Nexo and the Trump family, highlighted by the high-profile Sofia event, reveals a multifaceted business with a history marked by impressive growth and notable controversies—now framed by Nexo as resolved through regulatory agreements, legal victories, and exoneration in Bulgaria.
Editor’s Note / Update: Following the publication of this article, Nexo provided clarifications on various aspects, which have been reviewed and integrated for accuracy. The company reiterates that it has never maintained any business or financial ties with the Trump family and attributes its U.S. market re-entry to improved regulatory conditions rather than political connections. Nexo also disputes certain characterizations of its legal history and emphasizes its full exoneration in the Bulgarian investigation.
