Crypto services provider Nexo has announced its intention to reenter the United States market, marking a significant move as it becomes the eighth major cryptocurrency firm to declare such plans following the inauguration of President Donald Trump at the beginning of the year. Companies like Circle, Binance, and OKX are optimistic that upcoming regulatory developments in 2025 will provide a favorable environment for their expansion in the U.S. Legislative initiatives such as the STABLE Act and the GENIUS Act are advancing through Congress, potentially establishing a solid foundation for growth. Trump’s family is directly engaged in some of these planned expansions, with Donald Trump Jr. endorsing Nexo’s announcement and emphasizing the potential for revitalizing the financial sector in the U.S. However, there are ongoing concerns regarding possible conflicts of interest and the Trump family’s promotion of tokens, which raises questions about whether the forthcoming regulations will sufficiently safeguard everyday investors. Despite these uncertainties, eight firms are betting on substantial financial gains in the U.S. this year.
Binance.US Resumes USD Services; CZ Seeks Clemency
Binance.US has officially reinstated its USD deposit and withdrawal services, just weeks after President Trump took office. These services had been suspended on June 13, 2023, following a civil enforcement action initiated by the Commodity Futures Trading Commission (CFTC) concerning alleged violations of U.S. laws. Binance later reached a settlement amounting to $2.7 billion, with former CEO Changpeng Zhao paying a personal fine of $150 million. Shortly after the suspension, the Securities and Exchange Commission filed a lawsuit against Binance and Zhao, accusing them of engaging in deceptive practices and failing to disclose critical information. In November 2023, Binance and Zhao reached a settlement with the Department of Justice, which included a guilty plea to federal charges, a $4.3 billion fine, Zhao’s removal as CEO, and a prison sentence. Zhao has since sought clemency from President Trump, who has previously pardoned several crypto executives.
eToro Files for US IPO After 2024 Enforcement Action
Online trading platform eToro has submitted a registration statement for its proposed initial public offering (IPO) on the Nasdaq Global Select Market, aiming for the ticker symbol “ETOR.” The IPO is expected to launch as early as Q2 2025, contingent on market conditions, with eToro targeting a valuation of $4 billion and plans to raise $500 million by issuing 10 million Class A shares. The platform faced regulatory challenges with the SEC in 2024, which accused eToro of operating an unregistered broker and clearing agency related to its trading of certain crypto assets as securities. Consequently, eToro incurred a fine and agreed to limit its crypto offerings for U.S. customers to Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH). This move reflects growing investor confidence in the future of retail cryptocurrency trading platforms in the U.S. as the regulatory environment evolves, making it easier for such services to access banking facilities.
OKX Relaunches in the US Months After $500-Million Settlement
Global cryptocurrency exchange OKX has announced its reentry into the U.S. market, scheduled for April 2025, implementing a phased rollout throughout the year and establishing a new regional headquarters in San Jose, California. The company appointed Roshan Robert, formerly of Barclays, to lead its U.S. operations. This relaunch comes shortly after OKX reached a settlement with the U.S. Department of Justice, which had accused the platform of knowingly violating anti-money laundering laws for over seven years. OKX agreed to pay a substantial $500 million fine and pleaded guilty to operating as an unlicensed money-transmitting business, in addition to hiring an external compliance consultant. The firm stated that the settlement did not involve any allegations of customer harm, charges against employees, or a government-appointed monitor. Robert indicated that the firm is enhancing its compliance and risk management strategies in preparation for the relaunch, citing a more favorable regulatory landscape as a contributing factor.
Nexo Returns to US Markets After Deadlock with Regulators
Nexo, a global digital assets wealth platform, announced its return to the U.S. market on April 28, 2025, during an event held in Sofia, Bulgaria. Reports suggest that U.S. customers will gain access to Nexo’s asset-backed credit lines, crypto savings accounts, and advanced trading options. Nexo had previously exited the U.S. market in 2022 after protracted negotiations with federal regulators reached a stalemate, with eight state regulators alleging that Nexo failed to register its Earn Interest Product. Co-founder Antoni Trenchev attributed the firm’s return to President Trump’s crypto-friendly policies, declaring, “America is back — and so is Nexo.” He emphasized that Nexo is returning to the U.S. with renewed strength and determination.
Circle Relocates to NYC Ahead of IPO
Circle, the issuer behind the USDC stablecoin, is moving its global headquarters from Boston to New York City in early 2025. The relocation to One World Trade Center aligns with Circle’s plans for an initial public offering and underscores its commitment to merging with traditional financial markets. The company filed for its IPO on April 1, aiming to list on the New York Stock Exchange, with JPMorgan Chase and Citigroup serving as lead underwriters. Circle is targeting a $5 billion valuation. CEO Jeremy Allaire remarked that the new headquarters symbolizes the trust and stability Circle aims to establish as an essential infrastructure provider for the future of finance. The firm initially attempted to go public via a blank-check company in 2022, but that deal fell through, which would have valued Circle at $9 billion at the time.
Crypto.com Introduces Stock and ETF Trading
Crypto.com is expanding its service offerings in the U.S. throughout 2025, including the introduction of stock and ETF trading. The company is implementing these new features in phases as part of its broader strategy, which includes significant enhancements to its banking, crypto, stock, and credit card services for U.S. customers. This initiative reflects a growing trend among cryptocurrency and finance companies aiming to integrate digital assets with traditional financial services. Travis McGhee, managing director and head of global capital markets at Crypto.com, stated that the firm is allowing clients to combine stock and ETF trading with their crypto trading and derivatives trading. He noted that favorable conditions, including a supportive administration seeking to establish a regulatory framework, bode well for the market’s future and the overall outlook for cryptocurrency.
a16z Returns to US After Initial UK Move
Andreessen Horowitz (a16z) has announced its decision to close its UK operations and refocus its efforts on the U.S. market. In a recent post on X, Anthony Albanese, COO of a16z’s crypto division, indicated that the firm would be shutting down its UK branch despite the initial enthusiasm for cryptocurrency development in the region. The UK government had invested significant effort over five years to attract a16z to London, only for the firm to exit 18 months after establishing its offices there. The company had opened its London offices in 2023, citing an unfriendly regulatory environment under President Biden for the blockchain industry. Albanese noted a resurgence of momentum within the cryptocurrency sector following Trump’s inauguration. Reports suggest that slow progress on crypto regulation in the UK, along with shifting priorities by the Labour government away from digital assets, also influenced a16z’s decision to relocate.
Coinbase Acquires Deribit in Bid to Capture Derivatives Market
Coinbase, a prominent U.S. cryptocurrency exchange, has acquired the crypto derivatives platform Deribit for $2.9 billion as of May 8. This acquisition positions Coinbase as the largest player in the crypto derivatives market based on open interest, as detailed in an exchange blog post. The deal comes amid competition among major exchanges, including Coinbase, Kraken, and Robinhood, all vying to dominate the expanding global crypto derivatives market. On the announcement day, Coinbase’s international derivatives exchange recorded $10 billion in trading volume, illustrating the significant activity in this sector.
